If minimum wage were abolished tomorrow, what do you think would be the effect? I just had this discussion with a family member. said family member is very adamant that "something is only worth what someone else is willing to pay for it, including labor" - which I almost totally agree with, except in the area of the minimum wage. He thinks that there should be no minimum wage, and all wages should be determined by supply and demand. I think that if there were no minimum wage, people with no skills would make so little that the burden on the tax payers would be substantially increased. I think it would be a bad move. I think the companies would rape the people. However, I have heard some very compelling arguments to the contrary. what are your thoughts?