Check Michael Schwartz’s class notes for an analysis ostensibly from the cited course of the pig (versus hero) model of executive compensation and how it relates to social networks of influence and authority, page 57 of 83. Pay may not be about worth necessarily. Under this assumption pay may be an important tool used to delineate who is who in private companies.
http://www.isnae.org/papers/Soc%20Rel%2010%20Spr%201967%20M%20Schwartz%20notes.pdf
We don’t use designations such as earl or baron to determine salary, page 19. Salary has become a designation itself that determines salary and the caste system. This may or may not be true. It is entertaining to consider.
Perry