Immigration
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A correct initial point. Wrong (business school friendly type) frame.
Given not Zero sum: do you think more or less innovation would happen if labor access rights were securitized & traded as in Coasian theory or if they were confiscated and used as seigniorage as they are now?
Itâs not zero sum.
Do you think wages (and innovation and profits) would be higher or lower if fewer of the very smartest people came to Silicon Valley from the rest of the world? https://en.wikipedia.org/wiki/O-ring_theory_of_economic_development
Next point: do you think that it is more or less efficient to pretend STEM workers are âgraduate studentsâ being paid with immigration lures and not allowed to unionize or is it better to use markets?
Additionally, how many of the H1Bs are tethered to âsponsoring employersâ or masters? What happens when wage signals are distorted by servitude? How many niche businesses founded by immigrants would have been founded by natives? Why is this often not estimated or set to zero??
Overarching point: our entire immigration discussion is framed & structured to come to conclusions favored by employers. It excludes rights issues, efficiency issues, tampering, dilution, externalities. You are interpreting my frame rejection as my not having thought about this.
Well, Iâve thought about this. Even published.
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