It&#x27;s one of the standard arguments against a minimum wage. What follows is that by implementing it, you inadvertently hit the early-entry work force the hardest (in the US that would typically be teenagers getting their first jobs).
Apart from the general arguments against price floors and ceilings I think the other major argument against the minimum wage is that in the current systems (which a cynic could call lobby capitalism), minimum wage laws actually benefit &quot;well connected incumbants&quot; in low wage sectors who can use them to make market entry a lot harder for the competition.
German minimum wage in the postage sector could probably serve as a decent example if memory serves me well.<p>There&#x27;s a chapter on minimum wage in &quot;Economics in One Lesson&quot; that picks up the argument of the parent post.