Is this necessarily a bad thing?
Imagine a utopian future. How much time would you expect people to spend working, more or less than they do currently?
It might not be bad, but it does result in their wealth being increased by less than the lump sum amount received.
The concept of minimum wage is one I'm rather attached to. I have dozens of arguments for why it helps people, improves the world, etc. etc. I suspect this view is shared by most of this community, although I haven't seen any discussion of it.
I don't have much understanding of the harms that minimum wages cause; and at what level of minimum wage those harms become relevant (ie. a minimum wage that would not be a living wage even working 24 hours a day is unlikely to have any of the same problems that a minimum wage sufficient to buy an aircraft carrier an hour would have)
So what are the harms that such laws cause?