> I would say that software development has been good to me so far as a career, but I still think I would hesitate to encourage a young person in America to pursue it.

This is absolutely terrible advice. Please do not ruin some young American's life with this advice. Technology seems to be one are where the demand seems to always outstrip supply, and a person trained in Computer Science would be capable of learning new skills and advancing rapidly in the tech industry.

I think that software is a unique industry in that it is a "self growing" industry. Unlike other industries, in which the more workers there are, the lower the pay, I think with software developers the opposite is true. I believe that the more software developers there are, the more things will be automated, and therefore the demand for software will grow with the supply.

Furthermore, since it the complexity of software grows exponentially rather than linearly, I believe that as the number of software developers grows linearly, the demand will grow exponentially ;).

San Francisco seems to be the only place where that holds true, and I say that not having tried to get a job there. The average length of time for engineers I know of trying to get a new job is 3-4 months. Any one of us could easily be a shit engineer but its in the 10s of people now. While that's better than a lot of industries now, that doesn't mean that demand outstripped supply. Its just at an ok point. If demand was much higher you'd see salaries rising rapidly at least and I know of few companies that are willing to give significant raises to keep someone vs hiring someone new. Why else is there advice to job hop so frequently to increase your salary?

Giving raises to existing employees is not related to demand and supply at all, but to other institutional reasons. Managers have more freedom to give offer higher salaries to attract good talent, than they have to offer super high raises, which can also cause discord among teams unless you offer raises to everyone, which may be more money than the manager can afford.

Of course it depends on the market, but I disagree that is just SF. Seattle, NYC, SoCal (LA, San Diego etc.), Boston, Austin all have a thriving tech sector, although Bay Area still far outstrips them in demand and compensation.

Those other factors due exist for preventing raises to other employees. The claim, however, was that demand was _far_ exceeding supply. When that happens with any good people start hoarding the resource and going out of their way to maintain their existing supply. If there was truly that great a difference between the demand for software devs and the supply of them, we'd see companies doing their best to keep their employees, at least on average. Instead we're in a situation. Where companies are engaging in some sort of brinkmanship with their employees to see if they'll accept the lack of compensation increase, and they dont appear to care if they are loosing employees due to it.