look at any big state university-where do those intending to become teachers rank in terms of the students who aspire to engineering, law, medicine?
yeah not real high.
you can complain about the market assigning values you disagree with but that has more validity than a bunch of bureaucrats making that determination
and yes some professions are vastly overvalued-from some "hedge managers" CEOs movie stars ball players, tort lawyers etc
but that is no argument to let a bunch of scum like Krugman or Robert Reich have the power to assign salaries