Pay raises after tenure are nowhere near what you see in the private sector. And people who get tenure at Cal or UT are exceptional. Do you think the smartest 30-40yos in Austin outside UT are only making 500k?
[1] http://www.newsobserver.com/2011/02/24/1011452/university-em...
Yes, maybe 5-7 times as much. The people you're talking about are exceptional. (How is UNC mid-range?)
I do not think we are arguing here. My point is that good professors and good universities have a solid quality of life. Whether this reward system is the best for society in the long term is another question.
> How is UNC mid-range?
It ain't no Ivy.
...and I stop taking you seriously.