Flooding a market can drive down value of labor, etc., which can be bad for local workers.
That makes sense, but in the long run/bigger picture, having a bigger employable workforce results in more consumers, which means a growing economy.
I’m not well versed enough in macroeconomics to explain how to promote the economy without lowering wages, but surely it can be done. “They’re taking our jobs” just sounds way too reductive.
It actually has more to do with training and education. In developed nations, people get more education and the result is a larger void in the low skill labor force who are employed by them. Ironically, more education results in lower wages for white collar work and higher wages for blue collar work, haha. Unfortunately we rarely talk about education, economics and immigration in the same breath, so it’s rarely addressed in politics.
Automation also adds a wrinkle, as low skill labor has been automated with technology. It’s credited as one of the major contributions to the wage gap, as efficiency is a boon to the owning class, not the working class. But I digress…
That makes sense, but in the long run/bigger picture, having a bigger employable workforce results in more consumers, which means a growing economy.
I’m not well versed enough in macroeconomics to explain how to promote the economy without lowering wages, but surely it can be done. “They’re taking our jobs” just sounds way too reductive.
It actually has more to do with training and education. In developed nations, people get more education and the result is a larger void in the low skill labor force who are employed by them. Ironically, more education results in lower wages for white collar work and higher wages for blue collar work, haha. Unfortunately we rarely talk about education, economics and immigration in the same breath, so it’s rarely addressed in politics.
Automation also adds a wrinkle, as low skill labor has been automated with technology. It’s credited as one of the major contributions to the wage gap, as efficiency is a boon to the owning class, not the working class. But I digress…