In a way, I have to admit, I have some sympathy for Dan Price and his quixotic quest to battle "income inequality" by instituting a minimum salary of $70,000 for all employees of his company. Not for the cause itself, which is merely the latest trend in left-wing economic illiteracy, but I too once ran a business in which I thought I could do amazing things by paying people way more than their experience levels or qualifications would earn them anywhere else. It didn't work for two reasons. First, a business can't survive when employees can't generate enough value to give you a big enough return on what you pay them. And if they can't do that because you paid them too much, that's not on them. It's on you. Second, people don't appreciate what they haven't really earned. You think they're going to be grateful and loyal to you because you were so good to them. It doesn't work that way.

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