Everything will adjust according. Minimum wage goes up, shortly after prices on everything start going up as you've effectively reduced the "value" of money by introducing more into the economy.
I'm speaking purely from a point of view of someone with minimal economics-focused education, but I don't really see how this one works.
Yes, there's more money in more hands that can be used to purchase more things, but it's basically still the same amount of money. It's not like the government just printed off a billion dollars. Instead, it's some of the profits going to many people (the employees) rather than most of the profits to a few people (upper management / executives).
I'm speaking purely from a point of view of someone with minimal economics-focused education, but I don't really see how this one works.
Yes, there's more money in more hands that can be used to purchase more things, but it's basically still the same amount of money. It's not like the government just printed off a billion dollars. Instead, it's some of the profits going to many people (the employees) rather than most of the profits to a few people (upper management / executives).