Minimum wage is one of those “tools” that the proud workers’ unions claim to have won for the benefit of the many, not the few. But as is most evident in statistics about youth unemployment across the whole world and especially in places with the tendency for a hike in minimum wage (such as the UK, where there is a yearly increase in min. wage). First and foremost, the wage for which you rent/sell your labour shouldn’t be a subject of governmental or regulatory interference. As people are different, so are their skills, knowledge and preferences. All of this would form a valid wage, demanded by the employee, but most importantly it is something to be negotiated by themselves. If I wish so, I might go ahead and work for free. That is my choice and as such should be respected. There is no such as exploitation, for as long as it is voluntary labour rental. Thus when there is a minimum wage in place, it is generally set above the market clearing price, or the real price of low skilled labour. As such fewer people would be hired. Furthermore this artificial rise of the barrier to labour market entry prevents many of those “vulnerable” individuals from acquiring the necessary skills to progress further in their career. Everyone has to start from somewhere and when you are prevented to do so, by a bureaucrat on the other end of your country it honestly sucks and makes no sense. Most young people need to attain valuable skills and experience. Employers know this, but due to their low efficiency it wouldn’t be cost effective to hire them at the wage for an experienced person. Hence, they would be more than willing to hire the former if the wage would be lower, even perhaps being unpaid. I would gladly have a 1-3 months internship in a big company such as an Investment Bank without being paid, as those are highly competitive positions. Therefore, even though I’ve not been paid, the skills I’d gain and the experience would be more than making up for the lack of financial reward. After all it is all about progression in career so we can all afford a higher standard in a foreseeable future.