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Could a single programmer being paid $120K per year be more productive than 10 outsourced programmers?

A senior programmer of mine is paid $120k per year. Yes, he is very good and a fast coder too.

Though, is it possible for this person to be more productive than outsourcing 10 people from Bangladesh or Pakistan and pay them $12K per year?

Just wondering cause I run a software company and have been challenged with this question. As good as one person is, how would he compare to 10 people?

I appreciate any experience one can share with outsourcing and don't forget to multiply that by 10.