Suppose you had the choice of attending two universities. University A pays all of its professors the same wage and awards the same raises. University B pays each professor according to market wages and productivity. Which university would you rather attend and why?

It would appear that the professors at university A have less incentive to provide quality instruction than those at university B. They are rewarded equally, regardless of how well students are educated. If the measure for productivity at university B is how well the students are educated (this may be a heroic assumption), you will be better off there.