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I believe that one should completely abandon the minimum wage regulations that govern the employment laws. The main reason to this is such regulations are by no means democratic, they do not represent the market economy where the wage is determined by the supply of labor and the demand for labor interactions. The minimum wage immediately increases the costs to organizations and thus makes the government interfere with the organization’s policies and practices (such as wage setting) (Mathis, 2005).
Nowadays, the US financial system undergoes some devastating crisis that already hit consumer spending, the credit market and the employment. New and small companies have especially hard time during crisis because of comparatively small resource availability. The minimum wage makes it even harder for these small companies to survive. Certainly it is a common knowledge that any economic crisis has been successfully used by large corporations to buy small companies cheaply, yet if we want to avoid monopolization of certain industries we should not oblige companies to incur larger costs (Covington, 2006).
If the minimum wage aims to protect the employees from the low wages set by the corporations we have to admit that US markets are monopolized, oligopolized or that there is a conspiracy between the employers to set the wages artificially low. Otherwise, if not for reasons mentioned above (that do not permit free market forces to set the wages at the equilibrium) why would any company set wages below the market average? The same market forces would deprive this company from qualified labor that would work for more (proposed by the market).
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