Ethical way to determine how much people are compensated for their work

In recent years there has been a great deal of criticism of the compensation that many business leaders, especially those in finance, receive. You may recall, for example, all the rhetoric about the “1%” in recent political campaigns. On the other side of the scale, there are several movements nationwide aimed at increasing the minimum wage. Do you think that CEOs are, on balance, overpaid? Are minimum wage workers, on balance, underpaid? What is the ethical way to determine how much people are compensated for their work?