Look at heavily unionized industries like hollywood and the writers guild for guidance. They effectively have a "minimum wage" where if you're part of the guild, you must be paid a MINIMUM of $64k for an original screenplay.
Guess how easy it is to get a job writing screenplays as a member of the guild? It's actually incredibly difficult and the vast majority of prospective writers are effectively unemployed, working jobs at coffee shops instead.
Putting a price floor on labor creates unemployment, period. The writers guild is just one microcosm of this effect.
Screenwriting may be atypical, but arithmetics that produces this problem is very typical. If you set a minimal price for certain item, that makes anybody holding the same item with lesser value effectively unable to sell it. If you set a minmal price for a car at $20k, you wouldn't be able to sell a used car once its value fell below $20k. Selling one's services abides by the same laws - price floor means excluding items with value less than the floor.
Are you somehow under the impression that Hollywood buys fewer screenplays than it would if producers could pay less? That there are some movies not getting made because of this?
If by "Hollywood" you mean whole movie/TV/entertainment industry, then yes, I think price of the scripts influences decisions. Blockbuster aren't the only movies made.
http://www.wga.org/uploadedFiles/writers_resources/contracts...
Guess how easy it is to get a job writing screenplays as a member of the guild? It's actually incredibly difficult and the vast majority of prospective writers are effectively unemployed, working jobs at coffee shops instead.
Putting a price floor on labor creates unemployment, period. The writers guild is just one microcosm of this effect.