Finance & Economy
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Do Industrial Robots Contribute to Unemployment and Lower Wages?
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Over the past few years, rapid advances in technology have posed greater threats to jobs, especially those vulnerable to automation. Recently, McKinsey published a report analyzing the technical feasibility of automation in several occupations and concluded that service, manufacturing, and construction industries are all at risk of automation. Yet, the…
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Understanding the Impact of Immigration on Labor Markets: A Tale of Two Miamis
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In 2015, the United Nations estimated an international migrant population of 243 million people around the world. Immigration has been a recurrent phenomenon in many economies and prompts a continuous debate regarding its impact on socioeconomic indicators — particularly within the labor market. However, analyzing the effects of immigration on…
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Innovation, Skilled Immigrants, and Why We Need More of Them
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The immigration debate playing out in the United States is beleaguered by concerns over whether unskilled immigrant workers are undermining the economic position of low-skilled American citizens. But concern over low-skilled immigration may be overshadowing discussion of high-skilled immigration, a less controversial but arguably more impactful domain of immigration policy.…
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Immigrants Are Welcome Here: A Case Study of Immigration in Malaysia
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In the last year, immigration has captured political and economic debates in numerous countries. Some argue that immigrants displace citizens of the receiving country, while others claim that their tax contributions stimulate economic growth. In spite of these contradictory views, current nationalist movements have made immigration an issue permeated by…
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Leaning in or Leaning Out?
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The World Economic Forum estimates that for every dollar a woman earns, a man earns $1.54 in the United States. Holding all else equal, it would take the world 169 years to close the wage gap completely. This disparity has triggered an ongoing debate not only about the extent of…
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Introducing the Economics of Immigration
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Economics of Immigration Series The Chicago Policy Review is pleased to present a new special series on immigration. Originally conceived in October 2016, the Review did not anticipate that the timing of this series would be so relevant. Currently, the economic and cultural impacts of immigration are taking center stage in U.S.…
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Economists Are Finding a New Perspective on Immigration
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As recently as twenty years ago, economists taught that as the supply of unskilled labor increased due to immigration, legal or otherwise, the wages and employment of natives would fall as the two groups competed for a fixed number of jobs. This perspective casts immigration as a potential threat to…
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Uncovering the Demographics of the Poorest People in Developing Nations
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Global poverty has been decreasing over the past two decades as a result of fast-paced economic growth. The number of people living in extreme poverty, which is defined as a household subsisting on less than $1.90 a day, fell by more than 60 percent over this period. This reduction surpassed…
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Uncertainty in Financial Markets and the Exchange Risk Premium of the Mexican Peso
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Since 2015, the Mexican Peso has been the second most depreciated currency among emerging countries. This depreciation is mostly due to the operating and liquidity conditions of the currency, since it can be traded twenty-four hours a day, seven days a week, which is a relatively uncommon feature among currencies. According…
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How Far Would You Travel for Work? Disentangling the Effects of Geography, Job Search and Employment
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After the financial crisis, the number of unemployed workers in the United States reached nearly 15 million in 2009 and the unemployment rate rose almost 10 percent in the same period. The slow recovery of the economy, and particularly of employment, has led to debate over the reasons for this…
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How Organizational Changes Can Increase Competitiveness: Evidence from Brazil
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Productivity is a fundamental concept in business because it encompasses how employees, firms, and the economy as a whole efficiently transform their inputs into outputs. From the macroeconomic perspective, productivity is often analyzed using aggregate industry data in order to better understand the trends and drivers of economic growth. Likewise,…