[quote=pri_dk][quote=andymajumder]If teacher salary was based purely on supply and demand, their salaries would be much lower.[/quote]
Exactly how does one quantify “demand” for a teacher?
The demand for any labor skill is ultimately based upon the expected return on investment.
Local company is considering developing a new cell phone. They need 20 engineers to do it. Estimate the manufacturing costs and the expected revenue, etc. and they can estimate how much they can pay the engineers and still make a profit.
The model for just about every job involving engineers is the same:Company makes an investment, in facilities, and labor, and company sees a direct financial return in a few years.
That’s what sets the market price for engineers.
Education has some very unique economic characteristics.
What’s the return on investment for teaching a 6 year-old kid how to read (it’s not zero, but what is it?)
When do we actually see that return?
Who realizes that return? (who benefits? – is it just the kid?)
The economic models for public education and private enterprise are very different.[/quote]
Test results. I am not a huge standardized test fan because I think teachers tend to teach to the test but mathematical and grammar tests don’t lie when looked at on an individual basis.
