Sometimes. Sometimes not. Catholic high schools pay a lot less and get better results. Since teacher effectiveness & results are not individually awarded based on merit, less so in education. Of course, teacher unions (Leftie friends) oppose merit based pay.
Notice that Paoli never addresses how to measure merit. Lefties never do this. At their core they are socialists.
This is a key flaw in unionization. Within the union one does not have a good measure to separate high performers from low performers, so you wind up with a group of low performers. You wind up with measures for "merit" that have nothing to do with merit, such as degree level and seniority.
The degree level is pertinent for entry level consideration, but after that it is meaningless. What we have in the teaching profession are people getting advanced degrees after they are already in the workforce -- a place that should provide the ultimate performance measure. Instead they are sacrificing energy that could go into the classroom or into their family for energy at night to get a degree.