My experience backs up Paul who got his idea from The Mythical Man-Month.

Less code wins in a whole ton of ways, and typing is the least of them. It wins because there is less to keep in mind, and therefore you are more likely to get away with a small team (with all of the small team dynamics). It wins because there are fewer places you can make mistakes leading to fewer bugs to track down, speeding up the debugging phase. It wins because the reduction in size corresponds to an improved factoring of the problem, which has all sorts of ways of coming back and making you happy.

And for the record, it seems that languages which allow shorter do not mainly do it by offering a ton more elements. They do it by getting rid of things that take up lots of space and thought (like memory management), and allowing for options that give you better ways to build on your own code-base (OO, native associative arrays, closures, macros). The result is that you cut code size in half while far less than doubling the complexity of the language.

In fact it is quite possible for a simpler language to beat a more complex one. Well-integrated features and design can easily beat more features.

Cheers,
Ben