In what follows, I am deliberately going to talk about the developers like they are products in a meat market. For practical purposes, they are, since the vast majority of them haven't found a way to use their own scarcity to their advantage.
Today, this abstract point specifically translates to: people who can invest in developers, developers, and everybody else.
As software eats the world and every company turns into a software company, people in other parts of the economy are slowly starting to understand what's going on and are belatedly trying to get in on the action. They will almost certainly fail unless they learn how to compete with the software industry itself. But more on that later.
Yes and no. The actual technology markets being explored may well turn out to be a bubble, but to the extent that the investment is actually investment in people who will live out long careers in the sector, it is not.
On the flip side -- and this doesn't have a name, perhaps it should be called the "-10x effect" -- bad software developers aren't just a minor drag or inefficiency. For a variety of subtle reasons, they can be catastrophically toxic in a complex software system.
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