There are some excellent studies out there that suggest this to be false.
One source[1] showed that:
- For highly creative jobs, respect and autonomy to function and just enough $ to cover comfortable living expenses produced the best results.
- As you add more money, the performance for these jobs decreased.
AND
- For highly repetitive jobs, performance increased with pay almost linearly.
- Offering more autonomy for lower pay in these types of jobs lowered performance.
Programming is a highly creative job. While you are making very logical assumptions (more $ == more work) I would argue that after the first month or so, that would no longer be the case.
You would then just be equating (more $ == more HOURS working) but not necessarily producing.
The findings of the study did hinge on the person seeking autonomy to make enough to cover their living expenses such that the concern for money was off the table.
Really interesting stuff.
I think from my own experience, after the honeymoon period of the giant paycheck wears off, this tends to be absolutely true.
As for passion, it has to come from the top down.
[1] http://www.amazon.com/Drive-Surprising-Truth-About-Motivates...
Thanks to yengz for the reminder where this study came from!