>In terms of working for less than the going rate (which as you said is generous) - for sure that's happening. But there's adverse selection happening there, in

>In terms of working for less than the going rate (which as you said is generous) - for sure that's happening. But there's adverse selection happening there, in that people who are taking jobs below market are either desperate and will quit when they find something better, or are of low quality. Developers aren't paid well out of the goodness of the company's heart, they're paid because they make money for the company. And bad developers can have extremely negative productivity even ignoring their salary. I would add two more reasons to that. 1) Dunning-Kruger; the developer is really good but doesn't realise it. 2) The developer isn't confident or knowledgeable enough to know what the going rate is and ask for it. Sort of an overlap with desperate, but perhaps not as likely to move on.