What If Walmart's Minimum Wage Were $70,000?

Last week, the CEO of a little company in Seattle called Gravity Payments got a lot of attention with a bold move in his human resources strategy: He would boost the minimum annual salary for his 120 employees to $70,000, and pay for it by cutting his own million-dollar compensation down to the same level, as well as directing most of the firm's profits back into his staff. He chose $70,000 because it's the level at which money buys the most happiness, which he thought would in turn lead to more productive employees.