The ECON 101 argument regarding minimum wage and deadweight loss gets a lot less convincing when get to ECON 110 and start learning that the real world is a lot

The ECON 101 argument regarding minimum wage and deadweight loss gets a lot less convincing when get to ECON 110 and start learning that the real world is a lot more complicated than two roughly-perpendicular curves. In real life, labor markets have very inelastic supply, which means that the deadweight loss is small and comes almost entirely from consumer (in this case, employer) side. In most cases this is a net gain for workers. Of course, all of this goes out the window if the minimum wage is non-binding (as it is in most of the US), in which case there is actually zero deadweight loss. Basic income is far superior to minimum wage for meany reasons, but "minimum wage doesn't work" isn't one of them.