JOEL KLEIN: The most important thing is to bring to K-12 education college graduates who excel in math and science. Those countries that are doing best are recruiting their K-12 teachers from the top third of their college graduates. America is recruiting our teachers generally from the bottom third, and when you go into our high-needs communities, we’re clearly underserving them.

MR. MURRAY: How do you explain that? It doesn’t seem to be a function of money. We spend more than any of these other countries.

MR. KLEIN: We spend it irrationally. My favorite example is, I pay teachers, basically, based on length of service and a few courses that they take. And I can’t by contract pay math and science teachers more than I would pay other teachers in the system, even though at different price points I could attract very different people. We’ve got to use the money we have much more wisely, attract talent, reward excellence.

From today’s Wall Street Journal interview with NYC Chancellor Klein, UPenn President Amy Gutmann, and Christopher Edley, Dean of Berkeley Law School.