In my country (that fortunately is not third world but also not the first world exactly) I can buy decent (not high end) computer for my monthly developer earnings and I consider this to be really cheap. There is no other machine so cheap that could provide me with way to produce so much value.
Cheep programmers = buy cheep PC's. You can get a lot of HW for 300$.
Edit: Ok, I understand the downvotes, but I spent a lot of time developing on HW far worse than what 300$ can buy you today.
From dell:
Starting Price $269
Windows
AMD Sempron™ LE-1300 (2.3GHz, 800MHz, 512KB)
2GB Dual Channel DDR2 SDRAM at 800MHz
320GB4 Serial ATA Hard Drive
PS: I would still suggest 2 x 17+" monitors but those are not that expencive.Maybe you are being downvoted for spelling cheap as cheep or maybe some programmers feel offended by your "cheap programmers" that sounds degrading. "Less affluent programmers can buy cheaper PC's" sounds better.
That's because you not living in a third world country. In a third world country one brand new dell laptop ( not very high end one) can easily cost as much as the salary of a programmer.