The Economics Show Martin Wolf interviews Lant Pritchett: Is mass immigration inevitable?
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Dec 17, 2024 Lant Pritchett, a development economist and visiting professor at the London School of Economics, argues for the necessity of mass immigration to tackle aging populations in developed countries. He discusses how easing migration restrictions could significantly boost living standards in the developing world. Pritchett proposes a model for temporary work contracts to address anti-immigrant sentiments while meeting labor demands. The conversation highlights the urgent economic need for 450 million workers by 2050 and the rising political challenges surrounding immigration.
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Wolf's Personal Immigration Story
- Martin Wolf's parents immigrated to Britain to escape Nazi persecution.
- Their survival hinged on being granted entry.
Immigration Restrictions as Misallocation
- Restricting immigration leads to significant misallocation of global resources.
- The difference in labor costs between developed and developing countries represents a massive price distortion.
Demographic Necessity of Immigration
- Low fertility and aging populations create a growing need for immigrant workers.
- Developed countries face unsustainable dependency ratios, threatening social contracts and care provision.