But for every job ABOVE minimum wage, the supply and demand equations that establish wages would still apply.
I think had they indexed minimum wage to inflation , all we would see is a much higher percentage of jobs being "minimum wage" jobs.
Because if a job really only produces 16 dollars an hour of work for the employer, they aren't going to just raise it to 20 on the grounds that minimum wage went from 10 to 15.
I think a larger number of jobs would be clustered right above mininum wage.