Here in New York, this is especially acute. Many finance companies have thousands and thousands of developers. They'll have a team of developers (costing maybe $500k/yr total) working on a problem which a single excellent developer could easily accomplish (and be happy with $250k/yr).
Tons of companies are penny-wise and pound-foolish, mostly because programming is still considered a low-status profession.
> Until "management" realizes this, the only way that a developer on the upper end of the productivity scale can capture their value is to found their own company. I sometimes wonder what would happen if some company simply offered to pay 3X the market rate and mercilessly filter the results.
There are companies which do this, but they're almost exclusively pure tech companies (ex. Netflix).