Three Cheers for Migrants!

borderless economicsMy favorite story in this easy read is that of Mei Xu, the founder of a multimillion dollar multinational firm straddling the US and China. Daughter of two teachers who were “re-educated” at labor camps during China’s Cultural Revolution, Mei was a journalism student at the University of Maryland in the early 1990s when she identified a market need in the US. Though Americans were in spoilt for choice when it came to apparel, she noticed, the same was not true in the case of home décor items. Continue reading

Mechanized Intelligence, the Cognitive Elite, and Why Johnny Can’t Get a Job

Whaverage is overat is the relation between the growing income inequality, the falling labor participation rate among young men, and the increasing migration of Americans to low tax and low public services states such as Texas?   In Tyler Cowen’s Average is Over we learn that these are the consequences of the Computer Revolution that is increasingly causing workers to fall into one of the two sides of a divide—whether they complement computers, or whether they can be replaced by computers. Continue reading

“William Jennings Bryan Has Won”

PaperPromisesWe—consumers, firms and governments—have taken on too much debt, argues Phillip Coggan, a columnist for The Economist. Total debt to GDP ratios in most Western countries have risen to unprecedented levels. Coggan argues that it is unlikely that all this debt is going to be repaid, and so the future will bring about some painful adjustments that will also reshape global power relations. Continue reading