[pbecotte]

Scale IS the most important factor, because it controls the "demand" side of "supply and demand". So long as hiring someone makes the company more than they cost, the company will be willing to pay that price. Because software is so well leveraged in creating profits, it means there are nearly infinite spots where companies could make a profit by hiring a developer at current rates. The rates will continue to rise, and the supply will continue to increase, until it has hit equilibrium.