But I don't follow how solving that problem addresses markets becoming concentrated and member firms using that advantage to push wages down towards subsistence levels. That I think requires some sort of collective bargaining, which minimum wage is a type of (although it's likely not the best.)
Markets work to coordinate prices for both consumers and producers. Those who resist the laws of markets pay eventually. Might not happen right away but it happens-always.
My point is that low wages are never good exactly but they can be better if those wages pay for more year over year. It's like getting a raise without having to negotiate or even do anything for it.
He also didn't think wages would make it to subsistence: https://en.wikipedia.org/wiki/Iron_law_of_wages#Socialist_cr...