Paying teachers more won't magically make them better teachers. I have been told by experts that there is strong evidence that better teachers achieve better results for students. From this it follows that if there were a way to identify potentially good teachers, it would make sense to attract these people by offering higher salaries.
But that would involve hiring different people (who would probably demand higher salaries), not paying existing teachers more.
The fact is that some people are more valuable than others. Not in an existential sense, but in the sense of how much their labor is worth the market.
Senior management are a special case. I think many of them are people with exceptional ability, but it is harder to argue that their wages are "market wages" because they tend to determine their own salaries. There are many market frictions that are particular to the shareholder-manager relationship. These might potentially allow senior management to extract "economic rent" i.e. wages that are beyond the value they produce.
But that would involve hiring different people (who would probably demand higher salaries), not paying existing teachers more.
The fact is that some people are more valuable than others. Not in an existential sense, but in the sense of how much their labor is worth the market.
Senior management are a special case. I think many of them are people with exceptional ability, but it is harder to argue that their wages are "market wages" because they tend to determine their own salaries. There are many market frictions that are particular to the shareholder-manager relationship. These might potentially allow senior management to extract "economic rent" i.e. wages that are beyond the value they produce.