I am extraordinarily grateful that I currently earn more than the minimum wage. I hope misfortune, ill-health or other calamities never conspire to lower my earnings potential but I'm ever-wary that they might.
However, if my earning power was to reduce to the extent that discussions of the minimum wage became directly relevant, I fervently hope that the minimum wage had been aboloshed by then.
Don Boudreaux explains why.
I was reminded of this post as a result of his recent discussion about the Doha Trade Round: Required Reading.