Nope...in a truly "free" market, maybe--but in the global world we live in there are WAY too many companies with the mentality of low-bidder and "If you wont work for 1-cent an hour, the Jack.A.Wad in Timbuktoo will"--they want to keep the market share, but forget that unless staff earn enough to buy the product they wont be around long.
Henry Ford understood.
In fact, I am in favor of regional minimum wages rather than provincial/ federal. THAT would straighten out the economy pretty quickly.
Using Ontario as an example, Toronto is the highest cost of living (or Ottawa). Where I am (London) COL is about 65-75% and further west (Windsor area) is 50-60%...YET, the minimum wage is the same in all 3 areas. (I wont get into "up nort" since that involves long-distance transportation and is an entirely different economy/logistic/dynamic). I'll just stick to the close-to-the-border corridor.
Regionalize the minimum wage, and companies will migrate to the areas with the lower wage bringing jobs with them (and population). THAT takes the pressure off of high-density areas (Toronto) bringing prices down there, while bringing increased employment to the lower-density areas...Which in turn results in decreased demand on social services (and savings) all around.
YUP !...MeM's oversimplified social-engineering at its finest
but to me it makes a whole lot more sense than blowing billions on a guaranteed minimum income. (Which is where we are headed)
Here is the concept in action. When I worked at Toronto Airport (Living in T.O.) in the late 90's/ early 2000's, I would get my groceries in Hamilton when I went to visit Dad, and saved about $50 a week doing that due to regional pricing..so why not incorporate reginal wages as well. Retailers already know regional pricing works.
[This message has been edited by MidEngineManiac (edited 05-11-2018).]