> Minimum wage is a ridiculous concept. Why make it illegal to accept wages below certain levels? The only thing it does is increase unemployment. I'm not very

> Minimum wage is a ridiculous concept. Why make it illegal to accept wages below certain levels? The only thing it does is increase unemployment. I'm not very strong on economics so mine is likely a foolish perspective, but I always thought minimum wage existed to prevent a race to the bottom where the bottom is asymptotic? Since there are companies getting away with paying minimum wage now, doesn't this indicate that they're fine paying as little as possible but also aren't lacking in employees? Corporations already have such one-sided power over job seekers (I know that I as a dev am guilty of forgetting this from time to time), I find it very difficult to believe that without a mandated minimum, there would be no shortage of companies eager to get away with paying even less. They're doing it now and being successful, why wouldn't they do it then and be successful? And we can say all day and all night how "the market will correct this, no one will work for them!" but clearly since there are people working for the absolute minimum right now, there would be people working for the absolute minimum then too; the only difference is that the current minimum is set by the government and this theoretical minimum would be set by each individual corporation. I may not have a lot of faith in the government, but I sure know which of those two I'd rather rely on in this case. But again, I have no formal econ education, so I'll confess I don't know anything about anything. Genuine question: how does minimum wage increase unemployment? Sure, if Alice was earning minimum wage, her boss could hire Bob at half minimum wage if Alice took a 50% pay cut, but how does that actually help Alice or Bob? Yeah, unemployment drops, but welfare claims and poverty levels skyrocket as Alice joins Bob in the welfare system. I just don't see it, but I'm clearly missing something.