Nah, that can't be right?

I'm no economist, and I'm sure I'm oversimplifying things here, but wouldn't it make sense that instead of paying your workers minimum wage and hiring only part-time workers so that you don't have to pay them benefits, vacation pay and pensions, or worse yet laying half your work force off or outsourcing them to other countries just so that your companies can make 6 million in profit instead of 5 million, you instead paid them a decent wage with benefits and job security so that more people might actually be able to afford the products your companies make, therefore buying more and increasing your profits to say…8 million?