The minimum wage is an accounting standard, an established one. Untold business hours are saved in planning to the extent the minimum wage is accurate. But it is the tail end of labor, the minimum labor Quant, so the economy resets full skill range, ultimately in response to a change in min Quant. But the Minimum Wage has to move now and then.
If we followed good advice we would have it set on a more regional basis, more often with more market competition. But, good advice is expensive, so the thing is set nationally, less often.
It doesn't go down, and that quantum exclusion causes unplanned and sudden devaluations in real wages via monetary disturbance.
In Roman times, multiplication was expensive, and accounting standards mostly followed an additive trade pattern in denominations. The shrewd merchant could use multiplication and odd lots, losing economies of scale but clearing profit on quantization noise. Then the economy learned multiplication. Perhaps now, the economy should learn negative numbers?
Even the Hidden Hand takes a lesson now and then.
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