[culi]

I completely agree! The minimum wage is not automatically adjusted for inflation (unlike the $12.92 million estate tax exemption, the $17k gift tax exemption, etc). If we go as far as to adjust for productivity, then the minimum wage would stand at $26/hr, matching the relative value it had in 1968 — a time remembered as a golden era for the American economy

[MoreSEMI]

I meant to ask if the theory is true, it should work for any number, until marginal propensity to spend is equal amongst everyone. My point being that a theory should be general. One person could argue for 17$ while the other argues for 15$. I don’t see how one would using a general principle would decide which value is correct.