by Patrick Appel

Felix Salmon attempts one:

Without unions and minimum-wage laws, corporations compete on who can pay the least. With them, they compete on who has the best employees and they invest significantly in those employees. Which is exactly what we want, especially since raising the minimum wage is unlikely in and of itself to increase unemployment visibly.

He expands on this thought here. I'd like to believe this, and it may be correct in some instances, but am not sure it's true for all companies – or even for Walmart, the company Felix mentions.