"There is one rule for the industrialist and that is: make the best quality goods possible at the lowest cost possible, paying the highest wages possible."
Chiming in, absolutely not. My grandfather, excellent engineer, who was learning all his life (and still is) was getting a salary merely twice the level of low-skilled manual labourer (and not a high-skilled factory worker even). The only way to get a decent living was to climb social hierarchy of different government structures (government or the party, probably latter). This kind of system is nothing but broken.
Raising minimum wage is not same as paying equal wages to all (which is what this article describes). No one is trolling and comparison to Soviet experiment is close, if not exactly the same. Please read the article.
You obviously missed the core of the story. The title itself is "The boss who put everyone on 70K". The CEO took cut from $1M to $70K. At least two people resigned because of pay cuts to $70K.
