One thing to consider is percentage of gross revenues spent on payroll varies by type of industry but is somewhere between 10 and 30%. 10% would manufacturing. 30% would be a restaurant. Most everything else would be around 15%. Likely the businesses that would see the largest increases are those that can't be outsourced easily. The ones that are already paying well above minimum wage.
Difference between a business owner and an economics professor is the later writes equations down to describe how he thinks thinks business should work. And then blathers about hedonistic adjustments. A business owner stares at his books every week and thinks 'my problem is my customers have no money' Really easy for a business owner or accountant to get that customers with more to spend outweighs small increase in payroll expenses.
Business people I deal with are highly aware Macro issues. If you ask them what they think of things like minimum wages or other regulatory costs their usual concern is that their' particular entity doesn't suffer an unfair burden.
Academic Economists know pretty much nothing of Macro.
Difference between a business owner and an economics professor is the later writes equations down to describe how he thinks thinks business should work. And then blathers about hedonistic adjustments. A business owner stares at his books every week and thinks 'my problem is my customers have no money' Really easy for a business owner or accountant to get that customers with more to spend outweighs small increase in payroll expenses.