Increasing wages correlates with inflation, but it's a _very_ weak correlation. In most industries labour does not make up the lion's share of business expenses

Increasing wages correlates with inflation, but it's a _very_ weak correlation. In most industries labour does not make up the lion's share of business expenses. Studying minimum wage increases between 1978 and 2015: > we find prices grow by 0.36 percent for every 10 percent increase in the minimum wage. https://research.upjohn.org/cgi/viewcontent.cgi?referer=&httpsredir=1&article=1278&context=up_workingpapers https://research.upjohn.org/cgi/viewcontent.cgi?referer=&htt...