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The economic effect of minimum wage laws is divergence of the wealth of the lower classes -- some people will lose their jobs while others, whose employers are more compliant and less profit-hungry, can now rest assured about a stably higher wage. The key variable here is the elasticity of the demand for labour. If policymakers can reasonably get enough quantitative data on labour demand elasticity, then they should have the information necessary to estimate the expected net benefit of implementing a minimum wage. Right?