Minimum wages exist in many economies, notably in the so-called bastions of free market capitalism: the U.S., the UK and Hong Kong. Better paid workers will have more money to buy goods and assets and to invest in their families’ education and life quality. In this sense, the minimum wage could boost Thailand’s domestic demand and real estate sales.
The elasticities here are -0.32 and -0.96 respectively, with the second having an almost one-to-one relationship because the minimum wage reduces the proportions of those with less than one-half the poverty line.