If the supply for talent is somewhat inelastic and smaller than we'd like, the price for talent should go up, no?
Eventually, you'd attract talent from other regions and related industries (I can make 3 times more in computer science instead of meteorology, you say?).
You'd also see more incentive to improve the productivity of the highly specialized, highly skilled talent. This would look like less patience for things that waste developers' time, like substandard tooling, unacceptable levels of technical debt, etc.
That's because they are high in absolute terms, but not high in relative terms.
In other words, if the pay was actually high, talent wouldn't be hard to find.