Playing devil's advocate here. Some people assume that the teachers we get are ones that are not capable of a better job because of lack of smarts and skills, or who knows what else. Why do we assume they are not bright people? And that paying them more would automatically equal higher quality teaching experiences.

However, the free market is such that you are attracting potential workers that feel like it is worth it to them to be a teacher. They may not get as much financial reward, but perhaps the other awards like making a difference in kids lives and working with kids compensate for it.

So, do you really want to attract people who are in it for the money, or those that are in it because they care?