[pas]

The real complication is that such markets' equilibrium point is hard to shift once it gets stuck in a low wage.

Currently there's a big oversupply of labor, especially for low-wage positions. ( https://economics.mit.edu/files/11563 ) And thus this becomes the classic coordination problem.

While minimum wage is necessarily problematic, because there are many who happen to have some time to earn a bit of extra by doing gigs - which is pretty efficient from a raw economic point of view, but it doesn't help those who are not in it for that bit of extra.

Basically we'd like to change the labor share of income for low wage jobs.

(I think a robust safety net and/or a Negative Income Tax UBI would be much better than direct minimum wage laws.)