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CORRECTION: According the book "The Price of Inequality" by Joseph E. Stiglitz (a Nobel Prize winning economist), btw raising the minimum wage does not increase prices to a proportionate amount. Prices do increase but at a lesser rate because not everyone in the economy lives off minimum wage. Whats more, people on the minimum wage tend to spend almost 100% of their income which grows the economy, whereas a low minimum wage and tax cuts to the super rich does not cause "trickle-down" effect because the super rich keep most of their money locked in "assets" (like super yachts) and in the stock market which doesn't actually help small businesses (the bedrock of a flourishing economy).