It will help, and we should certainly pay teachers more, but it isn't the whole solution.
It’s more complicated than paying more money automatically means better workers, but higher pay does let an industry be more selective.
No, it won't, because in the private sector you can have a growing career. If you are teaching it's very likely to be the very same job until you retire.
It does miss that a person's desire to educate can far exceed their desire to ply the trade and they are willing to sacrifice their pay at that particular altar. But given most teachers do not seem irrationally excited about teaching or being teachers that line of thought is quite diminished.
The best teachers that I ever had, were ones that were trained as teachers, and were not necessarily content matter experts.
The worst teachers that I ever had, were content matter experts. Almost universally, they had no patience for folks that had a hard time coming up to speed, or that weren't already at a level beyond the class they were teaching.
They would ridicule you for asking "stupid" questions (that's me -I ask questions that have the whole class in stitches, but by the end of the semester, I'm coaching my classmates). They would start from a baseline that actually assumed the student had already completed and passed the class they were taking.
I would sign up for a class, because of the bona fides of the teacher, but would end up regretting my decision.
If teaching was like a FANNG tech job, with limited availability due to demand and salary, then it would be "discovered" to be prestigious and valuable and important.
And moreover, everyone would be free to come up with their own performance management BS because you'd actually have the glut of incoming talent that supports failures removing people from the industry (or screw it up so bad that despite the money no one bothers - also a FANNG phenomenan).
Money is not sufficient to overcome the problem on its own, but it is necessary, and not having enough of it caused the problem.
because those who can go to industry for real cash
I think.
Money does not come from the skies, it's about what the market agrees the value actually is (when it comes to private education) or what the government decides (for public education). Public education is a problem because in many western countries it's already the largest budget and it's still a shitshow so you are going to have a hard time to convince everyone that injecting more money is going to make it better.
The level of demand, however, can vary. Do Americans even want good public education? Or it is an afterthought?
This very observation is telling us that the entire system is outside the market (why, for example, people from other locations cannot choose this particular school if it is better than others?)