Of Academics and Professionals : The Difference is in the Pay

University professors, on the one hand, and professionals, such as doctors and lawyers on the other hand, share many things in common, yet they are also different in key aspects. One of the most important differences lies the nature of the incentives and motivation to which they respond. This paper claims that turning academics into regular professionals would have far-reaching consequences from a wider social perspective. Emphasizing monetary rewards at the expense of intrinsic drivers would most likely attract the best and the brightest to academia, but it would most likely change the nature and structure of the academic output