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    Overall, this is a great collection. This one puzzled me though: “The explosive growth of the tech sector … depresses average wages. “

    I don’t understand how industry growth would depress wages, since I’d expect it to increase demand for labour.

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      The growth means the industry is overwhelmingly junior developers, so the average is weighted towards the low end. Think of the average age of two Census tracts, one a perfectly representative sample of the population, and one just like it but adding a primary school or maternity ward - the average age is pulled down. I didn’t read this to imply that salaries for everyone are lower in the same way the second tract isn’t making anyone younger, just a statistical change.

      But it has a big effect! Now when the professional community talks amongst itself, the salaries are skewed lower and its intuitive understanding of “normal” changes. Sometimes people flatly don’t believe that 10+ year devs can earn a salary in Chicago of 180k or that similar SV/NYC devs can earn 350k+ in salary + stock at the tech giants (both real numbers).

      There’s a further argument that this cultural expectation feeds back into itself for a flat compensation curve at the high end, but I don’t read McKenzie as saying this; he probably would’ve been said it explicitly if he meant to.

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        Yes, that makes sense. Even 7 years ago I would never have believed how much I’d be making today. I know some of that is due to compensation going up faster than usual in recent years but most of it is that I just had no idea how much stock-based comp big tech companies lavish on their senior engineers.