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Problem with not paying market-driven salaries

Colleges & universities frequently do not pay salaries that are market-driven. For instance, it is typical for a history professor to make the similar as an economics professor. What types of problems are likely to result from this type of a pay scale?
If salary for the history professor is above the market-clearing level that he or she is likely to earn working anywhere else than i.e. going to result in excess of applicants vis-à-vis the number of obtainable positions (i.e. an excess supply of labour). Additionally, if the salary paid to economists is lower than the going rate that economists could earn into the private sector then that will lead to a shortage of economics professors (that means and excess demand for labour).

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