Profit or Minimum Wages Society pays for both

What is learned in a business school education is almost exactly a negation of what is taught to economics students. Both sets of students are taught the wonders of market magic, but then the business school students are taught a myriad tricks to defeat that magic in order to produce long term profits and rents unsustainable under a true market magic regime. Only the economics students, cut off from reality as they are, continue on blissfully unaware that their magical world is being riddled with holes dug by their business school peers.

There is one point where the two groups may still coincide: the minimum wage. As Smith points out business types look at high wages as a cost that raises prices and gets in the way of the delivery of an abundance of goods and services to society. Somehow they never seem to see high profits in the same light. Yet society at large is paying for both.

Should society be indifferent to profit levels but scandalized by higher wages? Does a rise in the minimum wage undermine employment the way the economists preach? If so, does not high profit?