Whose stupidity? "Studies have shown that the quality of one's teacher is probably the most important factor in determining a student's educational success."
http://www.economist.com/blogs/democracyinamerica/2009/08/those_who_cant_teach_teach Though he also points out that, specifically in NYC anyway, the unions/tenure system would frustrate increased pay from drawing new and better talent.
But you knew that since you cite to what "economists" say a few posts down. If you correct yourself for that statement or post something that backs up your position maybe you'll be worth arguing with, but your posting history does not fill me with confidence that this will be the outcome.
Which economists exactly? That's a selective quote at best. Higher salaries will attract not "just more bad teachers", it will attract more of everyone. What's needed is overhaul in hiring practices, but you still need the higher salaries to draw intelligent prospects into the pool:
http://www.businessweek.com/debateroom/archives/2009/03/raise_teachers.html
Even the "con" recognizes that higher salaries are instrumental, if merely not the only variable.