Our 21st century economy is filled with skills gaps. We tend to perceive these gaps in the STEM fields more than anywhere else, perhaps because those gaps are a particularly glaring example of America's declining competitive advantage in the global economy.
In a free market economy, not all workers are paid equally, because everyone possesses different skills. Some skills are more scarce, and directly connected to economic growth, and therefore are much more highly valued. We have a disconnect, however, when rewards are misaligned with the value of high-skilled labor. Hence the concept of differential pay, which is a controversial idea in a range of areas, specifically education.
In today's lesson, physicist and author Lawrence Krauss argues that we ought to consider a differential pay system in education, in order to add more highly trained teachers in the STEM fields.