wenzel is over simplifying.
The latest research suggests that a carefully imposed minimum wage (and I would consider Britain's carefully imposed, and one indexed to inflation carelessly imposed) can raise incomes at the bottom of the wage spectrum without much reducing employment. But a higher minimum wage is neither a sufficient or a particularly germane response to labour-market polarisation and capital's rising income share. The problem is simply that the supply of people and robots available to do routine work is exploding. A proper response to this dynamic must either be a big change in relative skill supplies or relative productivities, or a move toward wage subsidies that are far larger and broader than have been considered in the past.
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