Not all of it, but a lot of it. My point is that its economy grew as a result.
Industries are moving out of China to cheaper places like Africa and the Philippines. But the real-world economy is not completely frictionless; it takes time for these effects to occur.
But the real-world economy is not completely frictionless; it takes time for these effects to occur.
Indeed, it takes time, and for a third world person to reach the productivity of a first world person could take maybe 15 years of first-world education at a bare minimum? So people are not perfectly fungible.
I very much doubt your number. Third world people who go to first world universities do fine, so that’s 3 years, not 15. And for many jobs—even a very intellectual one like mine—I’m skeptical how much difference a degree really makes.
If immigrants didn’t have the skills that were needed to be productive, companies wouldn’t want to hire them. Instead we see companies chafing at the H-1B limits and crying out for more immigration.
I very much doubt your number. Third world people who go to first world universities do fine, so that’s 3 years, not 15. And for many jobs—even a very intellectual one like mine—I’m skeptical how much difference a degree really makes.
But these people are not the average third world people, they are presumably the ones fortunate enough to get a decent education in a country where many people don’t.
If immigrants didn’t have the skills that were needed to be productive, companies wouldn’t want to hire them. Instead we see companies chafing at the H-1B limits and crying out for more immigration.
I’m certainly not arguing some crazy position like ‘all immigrants are stupid.’ I’m also guessing that these immigrants that companies desperately want to hire are mostly not from third world countries.
Productivity will equalize and then growth will slow. When I’m pessimistic I fear every national economy will look like Japan’s as soon as we catch up.
That’s not a joke—industrial automation is proceeding at a rapid clip and the range of jobs for which you want dumb but cheap human labour continues to contract.
Not all of it, but a lot of it. My point is that its economy grew as a result.
Industries are moving out of China to cheaper places like Africa and the Philippines. But the real-world economy is not completely frictionless; it takes time for these effects to occur.
Indeed, it takes time, and for a third world person to reach the productivity of a first world person could take maybe 15 years of first-world education at a bare minimum? So people are not perfectly fungible.
I very much doubt your number. Third world people who go to first world universities do fine, so that’s 3 years, not 15. And for many jobs—even a very intellectual one like mine—I’m skeptical how much difference a degree really makes.
If immigrants didn’t have the skills that were needed to be productive, companies wouldn’t want to hire them. Instead we see companies chafing at the H-1B limits and crying out for more immigration.
But these people are not the average third world people, they are presumably the ones fortunate enough to get a decent education in a country where many people don’t.
I’m certainly not arguing some crazy position like ‘all immigrants are stupid.’ I’m also guessing that these immigrants that companies desperately want to hire are mostly not from third world countries.
Any thoughts about what will happen when there are no longer really cheap places to move to?
Productivity will equalize and then growth will slow. When I’m pessimistic I fear every national economy will look like Japan’s as soon as we catch up.
The robots will take over.
That’s not a joke—industrial automation is proceeding at a rapid clip and the range of jobs for which you want dumb but cheap human labour continues to contract.