The reason teacher's salaries are set incorrectly is because supply and demand has been pushed out of the equation.

1. some teachers can't be laid off.

2. schools don't get proportionally more money for exceptional work.

3. most parents are indifferent to maxing out their child's education quality.

4. most of the teachers effort must be applied to the hellions and problem-makers. optimization for max output requires removing the bottom 20% that cause 80% of the problems.

If you want teachers to be paid what they are worth, you have to take the Communism out of the school and replace it with that evil Capitalism thing that makes salary tied to how much a worker is worth.