I was thinking if a government decides upon minimum wage then it has to set Minimum Retail Price for the products of those labourers. Then I came across the following Wikipedia article;
Resale price maintenance
However, that law doesn't seem to be from the minimum wage angle. I don't know whether such laws exist in India too (We have Maximum Retail Price). I suppose Minimum Retail Price would ensure, the imported goods cannot undercut local goods with pricing war.
I guess developed countries need Minimum Retail Price whereas developing countries Maximum Retail Price.
Resale price maintenance
However, that law doesn't seem to be from the minimum wage angle. I don't know whether such laws exist in India too (We have Maximum Retail Price). I suppose Minimum Retail Price would ensure, the imported goods cannot undercut local goods with pricing war.
I guess developed countries need Minimum Retail Price whereas developing countries Maximum Retail Price.
