Interesting study reported on by the New York Times:

Mr. Chetty and his colleagues — one of whom, Emmanuel Saez, recently won the prize for the top research economist under the age of 40 — estimate that a standout kindergarten teacher is worth about $320,000 a year. That’s the present value of the additional money that a full class of students can expect to earn over their careers. This estimate doesn’t take into account social gains, like better health and less crime. read more

I don’t agree with how the study is reported, and didn’t read the study itself – so I don’t know if I agree with the study or not.  As for the Times article, I don’t think that the value of a teacher is measured in the additional wages their students will make.

Moreover, the article pushes the idea that paying “better” teachers more than others improves educational programs, which comes with a whole set of problems (starting with: who and how to decide which teacher is “better”).  In contrast, I support public schools that hold all teachers to high standards, that support teachers with reasonable class sizes and adequate materials (and time to plan and reflect), provide teachers with ongoing professional development, involve families, and recruit highly educated and caring people to be teachers. Teachers, like everyone, should be paid fairly for their work, and communities should invest heavily in schools and child care programs.

But these objections aside, I think it’s interesting that even from a traditional economic perspective the value of excellent teaching is being recognized.