That is a good point, CTB. I wonder how that chart would look if it included a population and inflation graph for the same time period. The issue is, as you pointed out, complex. Technology (to include the cost of technology) also complicates things.
Yes, there are so many factors involved. I believe if the minimum wage were increased some sectors would suffer, others would benefit. Kind of like life, there is good, there is bad and often the unintended consequences slip up on us.
My own economic philosophy also comes into play (capitalism vs. socialism). I believe that historically, neither are completely sustainable in their purest forms in and of themselves.
I agree. Unbridled Capitalism results in very bad things happening to the workers; i.e. the Robber Baron era here in the States.
Pure socialism does not work well as it leaves no incentive for the worker to do better.
Communism is a disaster as central planning has been a disaster everywhere it has been tired.
There needs to be a healthy mix. I am not sure what that mix would look like.