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Tough times have always lent themselves to nativist sentiments and closed-door policies. But in the case of highly skilled immigrants these policies are a recipe for stagnation.

James Surowiecki

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James Surowiecki
Age: 57
Born: 1967
Born: April 30
Journalist
Writer
Meriden
Connecticut
James Michael Surowiecki
Always
Highly
Stagnation
Door
Recipe
Case
Skilled
Tough
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Policy
Immigrants
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The important thing about groupthink is that it works not so much by censoring dissent as by making dissent seem somehow improbable.
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From a social point of view, it's beneficial that homeownership encourages commitment to a given town or city. But, from an economic point of view, it's good for people to be able to leave places where there's less work and move to places where there's more.
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Behavioral economists have shown that a sizable percentage of people are willing to pay real money to punish people who are taking from a common pot but not contributing to it. Just to insure that shirkers get what they deserve, we are prepared to make ourselves poorer.
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All things being equal, letting people make decisions for themselves will produce smarter outcomes, collectively, than relying on government planners.
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