Sure, that's definitely fair. It seems to me though that developer salaries haven't risen nearly as sharply as demand. Add to that the actual effects of the entre-boom with regard to the average developer's wealth and it starts to look like a lot more people are working a lot harder, for a lot less.
My gut is that maximizing the actual-value creation per-developer is something to strive for, and ought to be good for everyone involved.
Not sure how to measure developer demand, but as a "valley-insider" I regularly observe directly engineers being paid about 40% more today than they were in 2008. Also, I recently heard of a mobile developer getting a base salary of 900k, but that's hearsay so who knows..
In any case developer salaries have risen very sharply in my experience.
My gut is that maximizing the actual-value creation per-developer is something to strive for, and ought to be good for everyone involved.