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If large businesses that employ more people are also more productive through the power of economics of scale and raising the minimum wage too high also kills many zombie SMEs, then why is it a bad thing that SMEs will eventually get creatively destroyed/replaced by better industries?
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Also not sure where the line is drawn because I hear a lot of people saying that raising the minimum wage hurts growth, productivity and competitiveness while also making it harder for people to get access to employment and leads to bigger economic inequality where power gets more and more centralized in the hands of a few companies and when that happens its bad for both the consumer and employee. So is there a fine line? Im asking this from the perspective of a Southern European.
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