No offense, but what else do you expect for a profession catering to children? I mean to say, they do SERVE CHILDREN. I respect the importance and need for education as much as the next guy, and no one can say I disrespect teachers, but when you serve people with lower intellectual capacity (i.e. children relative to almost everyone else in society), people will tend to think somewhat less of you, which explains the (relatively) lower wages.
Well, perhaps. It's still dangerously short-sighted. As the neurophysiologists say: "What fires together, wires together." In those parts the message tends to be that society really, really can't skimp on putting the kiddies through the best possible formative and education processes concievable, becuase of the plasticity of their brains.
From a socio-economic macro-level pov there are few things that seems as intimately linked as improved general levels of education and economic take-off. So "smart" societies might not really be able to afford not spending on the kids. If they do, they will eventually suffer. Skimp on education, and you get dumber adults as well.
Of course, the historically well documented "killer app" for education is the personal tutor. Prominent (wealthy) families would hire clever but poor (usually young) educated chaps for the sole purpose of bringing the family sprogs up to a level of intellectual equality asap. It works a treat. Only problem is how it's horribly expensive. Everything public education does really is designed to try to get the same effect in ways much, much more cost effective. It's not easy, compared to what you can get if you spend what's requiered for the personal touch.
Now, this wouldn't be a problem if all a society needed was a "talented tenth" intellectual elite, who could think and invent for the yobbos too dense to do other than eat rocks and procreate. Modern society however requires more, so there we are. We need to spend not just on education for the kiddies, but quality education at that.
There are of course other kinds of incentives, non-monetary, that can be given teachers. Status isn't just about money. The mark of a social elite tends to be that it's members also have control of their own working hours.