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As U.S. and European political leaders fret about the future of quality jobs, they would do well to look at the far bigger problems faced by developing Asia – problems that threaten to place massive downward pressure on global wages. In India, where per capita income is roughly a tenth that of the United States, more than 10 million people per year are leaving the countryside and pouring into urban areas, and they often cannot find work even as chaiwalas, much less as computer programmers. There is, of course, the service sector, where 80 percent of the population in advanced economies works, and where India's outsourcing sector still tops the world. Admittedly, the 13,000 new jobs in the United States is a drop in the bucket compared to the 20 million (or more) that India and China must create each year, or even compared to the 2 million that the U.S. needs.Erecting high tariff barriers might cost as many U.S. jobs as Mexican jobs.Given the massive number of new jobs that India and China need to create every year, and with the internet remaining highly permeable, it is folly to think advanced economies can clamp down tightly on service exports.
of a progressive consumption tax
And what about Rochester?
The case for a World Carbon Bank
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