"One common critique of higher minimum wages is that they also raise the
cost of living. But last year, an initial study from the University of
Washington found that retailers, despite having to pay their workers
more, weren’t raising prices. Another is that higher pay will lead to
fewer shifts and fewer jobs. And while those same UW researchers are
analyzing the data, other researchers at UC Berkeley’s Institute for
Research on Labor and Employment (IRLE) used an innovative model to
prove that the city’s increased minimum wage has had no negative effect on job availability."
Still more examples and research needed, but things are looking good so far.
My limited understanding of economic theory is that money is like blood in an animal. It has to circulate to work. And I would think that if people had more money in their pocket, money would circulate through an economy better. No?