The fundamental issue with the current peer review system is that most academic research is "valueless" to those involved in the system. I use the term "valueless" in a very careful and specific meaning. It does not mean the work is without merit or doesn't have large impact or benefits to society, rather it simply means the quality of the work has no value to the peer reviewers or to the journal itself. * The peer r…
Paying reviewers is not a bad idea, as journals that pay will both be more likely to attract quality reviewers, and it also creates a contract between the reviewer and the journal. Such a contract could include requirements for the standard of reviewing. If a paper is later found to have been poorly reviewed the journal can seek redress from the reviewers, further encouraging them to do their job properly.