Apr 23 2013: From the theoretical point of view the answer is definitely yes.
From practical point of view, if you consider the outside influences, the economies of scale that can be obtained in othe parts, the variety of resources (type and quantities) the can be obtained in other parts of the world, definitely on the long run it will kill that economy.
Jul 30 2011: First of all I'm not sure how it works in USofA but having in mind that we discuss about people and motivating them we can look on some studies that were performed in USofA and around the world in regard to money - motivation - performance.
Please refer to http://www.youtube.com/watch?v=u6XAPnuFjJc.
The bottom line is that if there's a complex activity (teaching is a very complex activity) big bonuses doesn't work and the pressure given by potential big bonus will kill the performance (we can consider a high bonus everything that exceeds ones quarterly salary).
Secondly, a huge potential earning will definitely attract a lot of people to be teachers. Do we really want the brightest people being teachers?
Fortunately or unfortunately (I'm not sure how to put it) teaching is very complex and requires a interesting mix of knowledge, attitudes, abilities and skills and this mix should be assessed.
In conclusion, I guess that a mix between increasing the salaries and a better assessment system in education (i mean also for students not only for teachers but this could be another conversation) could have better results rather than attracting the brightest mind in teaching.
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A reply on Conversation: Independence of economies
A comment on Conversation: Independence of economies
From practical point of view, if you consider the outside influences, the economies of scale that can be obtained in othe parts, the variety of resources (type and quantities) the can be obtained in other parts of the world, definitely on the long run it will kill that economy.
A comment on Conversation: Govt. has it all wrong. Up the salaries for teachers and we will attract and retain the best and brightest minds.
Please refer to http://www.youtube.com/watch?v=u6XAPnuFjJc.
The bottom line is that if there's a complex activity (teaching is a very complex activity) big bonuses doesn't work and the pressure given by potential big bonus will kill the performance (we can consider a high bonus everything that exceeds ones quarterly salary).
Secondly, a huge potential earning will definitely attract a lot of people to be teachers. Do we really want the brightest people being teachers?
Fortunately or unfortunately (I'm not sure how to put it) teaching is very complex and requires a interesting mix of knowledge, attitudes, abilities and skills and this mix should be assessed.
In conclusion, I guess that a mix between increasing the salaries and a better assessment system in education (i mean also for students not only for teachers but this could be another conversation) could have better results rather than attracting the brightest mind in teaching.