First let me say this: Price floors and price ceilings are generally a very bad idea. They express themselves in unexpected and more often than not negative ways in an economy and one ends up with unintended consequences.
The beauty of the minimum wage is that there is nothing that labor intensive or service industry businesses can do about it. For example: McDonald's can't hire less personnel unless they bring in more automation (which is a good thing in itself as it drives down prices). So they either bite the bullet and the minimum wage is reflected in their product pricing or it gets reflected in a reduction in profits. A company like McDonald's cannot mess with product pricing too much because they rely on volume so inevitably it will be reflected in profits.
I believe minimum wage is a primary mechanism for determining the basic living standard of a population.
Minimum wages were increased in the USA during the Great Depression as a counter against exploitation. The result was that Businesses stopped hiring. So a minimum wage increase can also have a severely deleterious effect.
I am very conflicted on the subject. I feel that there is something to be said for a reasonable minimum wage and as Village Idiot pointed out: "I remember in the 1980s how conservatives used to mock the misery of Russians living under the communist regime...Here in the US I know of a 40 year old man who has to live with his mother because his $9 an hour job cannot afford him anything else."
I sometimes feel that the minimum wage can be used as a powerful economic tool to uplift a population's living standards. For example: What if a country decided that two adults did not have to work full time to support a family of four but only a single adults minimum wage income should suffice. The country could increase minimum wages accordingly and encourage a return to the nuclear family. But what about a single person? They would now be living in luxury. Well that would be an incentive for people not to procreate and remain single. Perhaps that is what one wants in a particular circumstance.
On the other hand it could undermine an economy if the economy is already under strain.
In short: I REALLY DUNNO