Well,for thousands of years there was no minimum wage at all..and people lived in squalor as the rich thrived. You read about the company store? Not cheap for near slaves.
If you have a business that sells what none of you're employees can afford? You might be a good candidate to pay more.
Raising pay causes prices to rise?- lol. They would go up if Americans worked for 1954.1054,054 B.C. wages.