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> Repeat steps 1 through 6 until the average programmer salary hits minimum wage

Did it ever happen? I mean, some active high-tech markets that have a lot of hiring going on and have been around enough to run these cycles if it's indeed what is happening. I don't know about other first world countries, but I am seeing in the US software developer's salary is nowhere even near the minimum wage. In fact, they are substantially higher than average wage for all the other comparable occupations (i.e. not bank CEOs and board members for Fortune-500 companies). I also am not seeing them precipitously dropping. So I am not seeing it happening as your model describes. Why do you think it is so?

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