Cost control or cost-benefit trades are certainly a critical aspect of engineering but saying "Engineering is about cost cutting" is way overstating the case.

Cost control or cost-benefit trades are certainly a critical aspect of engineering but saying "Engineering is about cost cutting" is way overstating the case. There absolutely is a difference between a short-term cost-driven engineering culture and one that weighs costs with a strategic view. I am actively involved in remediation of an engineering program that suffered from the former. It will cost significantly more money in the long run to have done it that way, assuming the program survives.