Where are we going to manifest more teachers from? In the current labor market, there are a lot more openings than job-seekers. You can always get more people into a specific job by raising wages, but that mostly that’s just a bidding war that redistributes the labor shortage to whoever can afford the least. It can raise labor force participation, but there is not so much juice to squeeze there. Kind of like how higher home prices don’t fix a housing shortage.

Historically the main way that labor productivity has been improved was through technology. Without that you get Baumol’s cost disease.