> raise wages substantially > which in turn would mean a substantial increase in prices, Higher wages only result in higher prices in non-competitive industri

> raise wages substantially > which in turn would mean a substantial increase in prices, Higher wages only result in higher prices in non-competitive industries that rely on human labour. I think what would actually happen in competitive markets is they'd be constrained in their ability to raise prices and instead shift even more rapidly toward automation and capital investment to cut wage costs. The optimistic scenario would be lots of crappy jobs automated out of existence, and people with more free time on their hands.