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The Economics Show
Martin Wolf interviews Lant Pritchett: Is mass immigration inevitable?
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.
30:03
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Quick takeaways
- Immigration is essential for addressing demographic challenges in developed nations, particularly to support aging populations and declining birth rates.
- A structured temporary labor migration model could meet economic needs while alleviating public concerns about national identity and social integration.
Deep dives
The Economic Impact of Immigration
Immigration is presented as a crucial component for both wealthy and developing nations. Research indicates that barriers to migration result in substantial economic losses, quantified as a 400% tax on labor consumers in rich countries due to the significant wage disparities between nations. The potential economic gain from allowing free movement is estimated at around $6 trillion, vastly overshadowing the annual flow of foreign aid. By facilitating labor mobility, nations can harness productivity in a way that greatly benefits both the immigrants and the economies they integrate into.
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