Kudos for mentioning Mises and Hayek. That was a pleasant surprise.
@general;
If you raise the minimum wage in order to provide a "living wage" for people, then you will also have to ensure that inflation does not take place. Otherwise, all raising the minimum wage will do will be to drive up the cost of everything else. Other people will get a pay increase, because they don't want to work for minimum wage; many of these people got a degree or some training and have knowledge in their field that the average person does not (thus, there is more demand for these people, because there is a lower supply of qualified workers). The effect of that, of course, is to drive up prices across the board... putting you back to square one, where you find yourself in need of raising the minimum wage again.
The problem with preventing inflation is that you'll basically have to freeze wages and prices for everyone. After raising the minimum wage, of course. But this harms everyone too, because businesses will get less profit. That might sound good at first, but less profit for a business means less room to expand, less motivation to expand with lower returns, fewer jobs being created, and an overall loss of wealth by everyone in the economy.
Increasing the minimum wage sounds nice, but it's really just kicking the can down the road. I can sympathize with low wage earners, as I am one myself (making less than the apparent average of $9.02/hr for fast food cooks). But I understand that my job is something that could be done by literally anyone with hands, feet, and a semi functional brain. It's a temporary job while I seek to improve my skills that will hopefully lead to a better job down the road.