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As the pure value of energy decreases, the value of judgement and taste increases.

Judgement and taste increases with energy spent—and from a company's perspective, usually you want it to grow in line with your own.

This is the real problem, possibly: the dev seniority pipeline dies without junior devs learning.

Also possibly, good would-be-junior-devs find something more productive to do.

They can, if people are growing. So many mid level engineers at my company spend their energy on the same year of experience.