> More money will encourage more of “those who can” to switch to teaching,
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.
I know some people “who can” who cared a lot about teaching and decided to be a teacher. I also know some people in industry who were on the edge of being a teacher but decided it didn’t pay enough. More pay absolutely would draw in the people on the edge.
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.