Why is equalizing pay an important objective though? Should the guy who works the fryolator at McDonalds get the same pay as the guy with the PhD who's busy discovering a cure for cancer? No? Then "equalizing pay" is the wrong objective.
You are absolutely correct. The guy making fries deserves much more than somebody trying to cure cancer. If I want fries now, I can get them. If I want my cancer cured, I get told "not yet, come back later". So obviously one guy is producing and the other isn't.