For some definition of cheap. If you look at $/hour, no question they are cheaper. If you look at $/amount of value created (which is far harder to capture, but worth it), I don't think it is a slam dunk.
The difficulty is the financiers; they want visual bang for their buck, and they want to be told "yes, I'll make it happen" even if the person talking doesn't yet know how. If that means a bunch of young people looking busy and working themselves into the ground, versus a small team of professionals that will calmly and realistically tell the financiers what can't be done in a given time frame and budget... Realistic with older professional is boring; fantasy with young people is exciting! Guess what happens every time?
For some definition of cheap. If you look at $/hour, no question they are cheaper. If you look at $/amount of value created (which is far harder to capture, but worth it), I don't think it is a slam dunk.