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From tokenadult' comment:

Raising teacher pay systematically has been tried in the United States (notably in the state of Connecticut) and has not been shown to markedly raise pupil performance. </quote>

See the video from my comment above to understand why the following obvious suggestion might not work in practice:

An economist who closely studies education policy has suggested that pay and other incentives be used to encourage the least effective teachers to seek other occupations while rewarding the most effective teachers with increased compensation and more professional support. </quote>




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