Coding Agents Magnify Engineer Value Without Replacing Them
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Because coding agents are best understood as very fast, relatively cheap executors with weak (or absent) creative decision-making, they act as a force magnifier for competent engineers. They're not replacing engineers, they're making engineers more valuable.
Since there will be many replies about the value of junior engineers dropping to zero: if you have ever been on teams with a mix of strong senior engineers and junior engineers, you should know their value was already zero or negative in the mix -- the point is that they gain competence over time and eventually become senior themselves.