[raleighm]

Perhaps, but teachers not capturing enough of the economic value of their teaching shouldn't be the core of an argument to pay teachers more.

This is an impoverished view of the value of education (from the paper you linked): "We calculate the social product of teaching as the impact of an additional year of schooling on aggregate earnings of all workers in the economy. The spillover from teaching is then this social product less the annual earnings of all teachers."