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This debate is like blind men debating what an elephant is while one is touching the tail, another one the trunk and the belly.
Programming is everything from wordpress to high frequency trading. It is everything from tiny teams to products with tens of thousands of people working on them. Some teams are extremely particular in how they write code, others will accept pretty much anything. People won't agree because they fundamentally have completely different visions of what programming is. At some places developers are given highly detailed tickets, at other places they are given a loose description on what to work on for the next couple of months. It is easy to underestimate how many devs have jobs which barely entail more than "make the button blue", "make a postman test for a simple API".
We will probably see a major wash out of people who took a react or python tutorial and expected an upper middle class lfestyle.
With that said a developer speed has generally not been limited by the speed of coding. A product I worked on averaged two lines of code per day per developer. The company was inefficient but so much time was spent on other things. The average dev is probably only coding at 50% speed. A 50% speed boost to coding will only increase work output by 25%. That is reasonable and it is possible that the labour market can swallow 25% more software.
I'm of the opinion that the market can swallow 100s of percent more software. Not instantly mind you but there is such a massive lack of software everywhere (except possibly in ad-tech), not to mention half decent or actually good software. Things are so unbelievably shit everywhere you turn.
Falling price of software greatly induces demand.
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