I'm reading this article "Visioning 2035: The Future of the Higher Education Sector in the UK" and it just occurred to me why faculty don't get paid more.
The work that faculty say would justify us getting paid more money (that which takes most of our time — teaching) is not the same work that drives hiring. In general, teaching is important but I doubt that a great teacher with no publications would ever be hired given a market where there are so many unemployed PhDs available to drive salaries down.
If we really hired people based on their proficiency for teaching, I suspect this would radically alter what university campuses looked like (and it'd eliminate or at least change the concept of tenure) and that'd be the only way to really get to higher salaries.
And, to be clear, I'm not complaining about my salary. Yes, I'd love more money (would anyone not?) but I get paid well to do something I love in a way that I generally love. There are people who have way less satisfying jobs who get paid less than I do and they should be the ones who get paid more.