This post ties in my thoughts on employee pay below with some of the other stuff written about it around the blogosphere (much of it relating to WalMart). Professor Bainbridge did a great job, and linked to an article he wrote, In Defense of the Shareholder Wealth Maximization Norm. Check it out.
Peter Drucker fans may also enjoy these articles on profit and social responsibility. I leave you with this quote from Drucker:
There is no conflict between "profit" and "social responsibility." To earn enough to cover the genuine costs which only the so-called profit can cover, is economic and social responsibility–indeed it is the specific social and economic responsibility of business. It is not the business that earns a profit adequate to its genuine costs of capital, to the risks of tomorrow and to the needs of tomorrow's worker and pensioner, that "rips off" society. It is the business that fails to do so.
Very good point.