Tim Harford argues that setting the minimum wage is essentially a technocratic decision /FT, 5 October/6 October 2019/.
In my view, not any more.
The real thing is not a trade-off between better pay and fewer jobs, but the win-win couple of higher minimum wages and a stronger economy. Higher minimum wages can strengthen aggregate demand, and this will lead to both higher budget revenues and stronger GDP growth. All will result in a more stable social environment.
By now, decisions on minimum wages are not technocratic, but political due to the appreciation of political stability.
Governor Matolcsy, MNB, the Central Bank of Hungary