I think the research as a whole is pretty clear - if you raise the minimum wage a small amount compared to the market rate, it has small positive effect on work

I think the research as a whole is pretty clear - if you raise the minimum wage a small amount compared to the market rate, it has small positive effect on worker pay, and a small negative effect on business costs (ie costs go up a little bit) If you have a large increase above market wages, you have a large positive effect on worker pay (for those who continue to be employed) and a large negative effect on costs (costs go up a lot), leading to reductions in employment through businesses closing / increased automation. A simple thought experiment suggests it is certainly possible to set the minimum wage too high - if that weren’t the case, why not set the minimum wage to $1000 per hour?