The marketplace has nothing to do with this particular consideration.
Right now there are more teachers than there are positions. If we honor only marketplace considerations, the pay plummets.
What I would like to see is result that rise to match the level of the cost.
Right now the cost is the highest in the world and the outcomes are barely middle of the pack and that is a generous estimate.
If the outcomes are not changeable as you seem to be implying, then reduce the pay for our teachers to the middle of the pack levels and accept mediocrity as the new normal. I think we need to change the outcomes and the current group of teachers are not doing the things needed to accomplish this. Maybe the answer is to reduce the pay of each teacher and hire more teachers. We know from the reaction of the educational union membership that this is not an option.
Regarding the glut of teachers for the available jobs:
K-5 teacher overload: Too many trained, not enough jobs
Public elementary schools in Cherry Hill, N.J., average 400 to 600 applicants for one full-time position; the numbers are up to 400 for work as a long-term substitute, said George Guy, the principal for A. Russell Knight Elementary School.