Immigration boosts innovation and wages in the US. The positive dynamic impact of immigration on innovation and wages dominates the short-run negative impact of increased labor supply. Increased immigration to the US since 1965 is estimated to have increased innovation and wages by 5%.
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"Competition can create innovation, but if there's a narrower focus on national interest and on establishing ownership, then you can lose sight of the bigger picture which is exploring the solar system and beyond," he adds.