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Causes of Wage Stagnation. Over the last 35 years (with the exception of the late 1990s), hourly wages of the vast majority have lagged far behind economy-wide productivity. This failure of wages to grow and rising wage inequality is the primary explanation for the rise of family income stagnation and income inequality over the past generation.
The potential impact of minimum wage hikes on the overall price level is simply too small to have any appreciable impact on inflation. One way to assess the threat of inflation posed by a minimum wage hike is to estimate directly how much it could raise businessesâ costs. This would give us a sense of what the potential impact of a minimum wage hike would be on prices, assuming businesses would pass these costs onto their consumers.