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Many people have proposed something similar to this, valuing adjunct teaching as "fully fractional" labor. I've blogged about it a few times. The formula for figuring out what adjuncts should be paid doesn't seem like the main hurdle. insidehighered.com/views/2019/08/…
Example, when I was full-time visiting faculty at College of Charleston I was paid about$4500/3hr course, teaching responsibilities only. As a single-course adjunct, I make $2800. That math ain't hard.
Depending on the salary and how you'd apportion teaching as a % of the job, tenured faculty in English make between $4500 and maybe $8000 per course. At the least it seems like $4500 is a floor for a per course wage if equity is the goal.
And salaries are in general low here for TT faculty as well. My full-time visiting gig paid $36k per year for a 12hr teaching load per semester.
$4500 is still pretty low in the grand scheme of things, but that per course wage would give a huge number of adjuncts pretty significant pay increase.
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