I'm a former academic. But I made a choice that all these folks can also make if they choose; I left. There are tradeoffs to any career path, and the huge glut of folks attempting to get a job in academia (even these bad adjunct jobs) are a great indication that the tradeoffs aren't particularly bad.
Similarly, the professors you describe have low wages because their compensation takes other forms (freedom and security). To understand this, ask an insurance company for the price of an annuity with payout equal to a tenured professor's wage + benefits. Tenure isn't cheap.
Similarly, the professors you describe have low wages because their compensation takes other forms (freedom and security). To understand this, ask an insurance company for the price of an annuity with payout equal to a tenured professor's wage + benefits. Tenure isn't cheap.