If each new immigrant lowers living standards, new local people also lower living standards. But without new people, economy would lack the workers it needs to operate. This highlights an economic principle that economist Deidre Mc Closkey calls “human resourcefulness.” It is the idea popularized by the late Julian Simon that people are the “ultimate resource,” that new people should be welcomed because all production, even production of environmental goods, ultimately relies on people. As the philosopher John Locke once said, “People are the strength of any country… the more we have the better it is for us.”via Why Immigration Creates Economic Benefits | TS IMPERIAL – BANKING NEWSLETTER | TS IMPERIAL – BANKING NEWSLETTER.
Why Immigration Creates Economic Benefits | TS IMPERIAL – BANKING NEWSLETTER | TS IMPERIAL – BANKING NEWSLETTER