Congress is again being called on to raise the minimum wage. In fact, some 664 economists, including Nobel laureates Kenneth Arrow, Clive Granger and Robert Solow, have signed a petition prepared by the Economic Policy Institute to show their conviction. Business Week reports their plan is to raise the current minimum wage of $5.15, over several years, to $7.25 an hour. The wage should also be indexed for inflation. The last time the minimum wage was raised was in 1997, but inflation has eroded any benefits or purchasing power of that wage by some 20 percent, according to Business Week.