One reason to have minimum wage as a lagging value is during deflationary periods. During a deflationary period people need to have the legal right to work for

One reason to have minimum wage as a lagging value is during deflationary periods. During a deflationary period people need to have the legal right to work for less when it's in their best interest. Additionally, if companies are find paying a higher minimum wage, this article implies that workers should just negotiate higher wages.