> It is hard to attract the best educational talent in this setting because salaries are usually capped and one can always make more in the private sector, but

> It is hard to attract the best educational talent in this setting because salaries are usually capped and one can always make more in the private sector, but a combination of job security and high prestige is usually enough to have decent staff. If you're talking about universities here, the job security is really bad. Until you get tenured that is, but most people doing teaching at universities will never get one. Also most university staff is there foremost to do research, but with some teaching strings attached. I'd say most people in academia aren't in it for the money, and there are a lot easier/safer ways to get money if that's what you want. A part of it may be prestige, but more important are interest in the work and quite a bit of freedom to do what you want and how. And belonging into a community in deeper way than "just doing my job".