I think the free market does an absolutely wonderful job of creating amazing conditions for workers that are in high demand. For top tier programmers (which are highly over-represented in this forum) working in tech hubs, you can look forward to lots of work perks, smart managers, career progression, and excellent pay.

Working long hours in an interesting job with a manager who supports you is usually not that big a burden. Labour regulations aren't really designed for this community. You have to take into account the people who lack the education or aptitude to work a challenging job - and those people will be ruthlessly crushed and exploited unless the government steps in and provides a floor.