Nobel Economist SCHOOLS Liberal Paul Krugman on Immigration and Income Inequality
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- Опубликовано: 8 сен 2024
- Nobel Laureate Angus Keaton Schools Liberal Economist Paul Krugman on How Mass Immigration Causes Income Inequality.
Watch the full discussion here: • Angus Deaton and Paul ...
"immigrants do jobs no one wants to!"
No... Immigrants do jobs no one wants to at THAT WAGE.
Interesting that people want non citizens doing jobs that citizens don't want to do. Didn't we fight a civil war last time that was going on?
Plus there are Americans doing these jobs. We get told this nonsense in the U.K. too. It’s almost as if these academics never go out into the real world and ask people, rather than relying on stats and figures with no context
yes... and if the wage wasnt so live the jobs wouldnt exist at all.
@@matswessling6600 so no job, no immigrant. Some jobs aren’t worth having if they suck more from the economy than they put in
@@fanfeck2844 It also happens for so called skilled jobs, sometimes these jobs pay quite a bit more than the median income, but when you compare them to America there a third of there income, yet the tech companies hoodwink the government into getting cheaper workers in, "because no one wants to do the job" , then a lot of skilled people leave and were left with the dredge, same for junior doctors a lot just leave to australia. Its like are government wants us right in the middle of the human centipede of "brain-migration", where the smart british leave but there replaced with slightly less smart immigrants from poorer countries(on average probably smarter than the average brit)
Videos exist of Krugman saying the U S economy & the stock market would collapse in weeks or perhaps days after Trump's election. He actually told people they needed to get out of the market immediately. What a clown. Shows you what a "Pultzier Winning" anything is worth
Just remember, the NYT, Krugman’s employer also won a Pulitzer Prize for spreading Russian collusion lies for three years.
Economists…getting paid to be wrong
Well the Pulitzer price is for reporting and journalism, not necessarily being a good economist, if it was, Walter Williams, a contemporary of Thomas Sowell, now sadly passed away, would've earned at least one in his time.
@@woodwyrm Unfortunately, the Pulitzer, like the Nobel Peace Prize has been taken over by leftist zealots. The NYT won a Pulitzer for reporting total misinformation of the Russian collusion hoax. As a conservative Walter Williams would never have a chance.
It did wind up tanking in trump's last year, however. Also, Krugman WAS right about inflation for 30 years...Your take is weak, Bozo
Paul Krugman the mouth piece for modern monetary policy and quantitive easing,
Mainstream media would never admit this guy is right.
Because it hurts their narrative and manipulation.
This guy literally admits that this historical theory is tenuous at best. You’ve made no point.
@@OrdinaryMan1999-tn4hh spot on.
I'm 68. Krugman has never been right about anything. Ever!
Thank you. 💯
Hello , i so agree with your post comment. Krugman is a big loser.
Him and Joe are in that same category!
He is not very bright.
Hello, You are right he is not bright , he is a dim lightbulb.
"Paul Krugman is an embarrassment to the "profession" of economics & to the usa..."
First graph shows people getting super wealthy as a function of immigrant labor, low wages.
@@212ntruesdale Actually, the first graph showed income inequality being at its greatest when we had the highest number of immigrants coming in. I supposed that COULD mean that SOME people got incredibly wealthy by exploiting the artificially depressed labor costs that come with massive immigration...... Oh wait, that is EXACTLY what is happening again today. Cheap labor makes those that exploit it rich, while the middle and lower working class get SCREWED. If anyone thinks that Biden and the Democrats care about the middle and working class, they are fools at this point. The Democrats want to replace you ALL with a permanent dependent class of VOTE SLAVES. A reckoning is coming so buy tar, feathers, and rails, especially in blue states.
Bernie Sanders used to say that migration lowered wages.
Elizabeth Warren used to say that women entering the workplace lowered wages.
Even leftists used to be sane and rational regarding basic math.
It’s just no longer politically acceptable.
"Used to be", being the optimum phrase.
@@anthonymorris5084 "Used to be" honest.
BS. That's the problem with many conservative economists -they are hammers and everything is a nail for them-, there so many factors that contributed to US inequality and low wages, let's number some of them besides migration: 1. Automation, 2. The Raise of China (thus making many items cheaper and dropping wages), 3. Reagonomics: the almost complete destruction of unions and their bargaining power. 4. The US has not a robust Welfare State with free education, great public transportation, and free healthcare because the PHARMA industry doesn't want it that way. Have you considered the amount of money that the average American spends in healthcare, education, and owning a crappy Chevy or Ford, plus insurance ? 5. The tax rate of the rich was minimized since reagonomics. The rich used to pay lots of taxes in the 50's, not anymore, thus the state has no money for social programs. 5. The housing market has gone crazy due a. More demand not enough supply b. Materials being more expensive c. ZOONING ridiculous laws. And I can go on and on and on
And the basic laws of economics, but now they are all science deniers.
@@user-wo8ui3bz7vYou contradict yourself in so many ways it is laughable. Automation and global competition were a death blow to low skill unionized labor. I would argue unionized labor gets a disproportionate share of wealth allocations relative to the value they create by disrupting free markets. In particular as an example with unionized❤ government employees and teachers at the expense of other taxpayers with whom governement doesn't fairly negotiate in best interests of taxpayers because they will pass on costs by raising taxes.
Most immigrants flooding our borders illegally are low skilled uneducated and getting massive subsidy. So much so their lifetime net present value is nearly -$100K per person. My ancestors who built this country got no such safety net. It was sink or swim. The leftist agenda is irrational and destructive to our future.
Paul Krugman… America’s dumbest economist.
The internet is just a fad 😏😏
Krugman is a buffoon. According to him inflation is low if you exclude housing, food, gas, elec bills, insurance etc etc
@@dereksbooks just another fax machine
@@dereksbooks Krugman also predicted a stock market collapse if Trump were elected in 2016. He also kept referring to something called the "Trump/Putin Administration" throughout the Trump administration which means that Krugman swallowed hook, line, and sinker the debunked Hillary Clinton Russia Russia Collusion Scam, finally put to rest by the John Durham Special Counsel Report which showed it was a scam cooked up by Clinton, the DNC and elements inside the Deep State.
The most evil.
Paul Krugman: “The economic fallout of a Donald Trump presidency will probably be severe and widespread enough to plunge the world into recession”
I'm convinced Krugman won a Nobel Prize for the economics of shilling.
Paul Krugman-the Jim Cramer of economics.
Both Jewish
Paul Krugman also has a Nobel Prize, which tells you more about the Prize than a given economist.
Obama has one, that is all you need to know.
When Obama won a Nobel prize even he couldn't work out what it was for.
Nobel has become a participation medal for anyone who supports left wing ideology.
And don't forgot the "peace maker" Obama.🤪😝
@@lilylittlemonster5I always assumed Obama got the Peace Prize because he killed Osama Bin Laden but I was shocked when I found out he won the Prize in 2009 and Osama was killed in 2011.
The Nobel Committee couldn’t come up with a good reason why Obama won the Peace Prize.
@@Kpelz Yes the whole thing was bizzare.
Common sense isn’t very common any longer.
Has Krugman ever been right ???
Why does anyone listen to him or give him a platform ???
COVID V recovery of economy, high inflation not being long lasting, Sri Lanka currency crisis, etc?
@@MusingsOAM This is spin.
Any recession/depression can be recovered from if the gov't spends money like a sailor on shore leave.
High inflation not long lasting? Tell me when it ends.
Sri Lanka currency? I don't know when PK made this prognostication, but that country has always run massive debts. Overspending resulted in the need to get an IMF loan a decade ago, and the mandated switch to organic-only farming crippled their food production a few years ago. Shockingly, with no food their economy collapsed. Hellen Keller could have seen this coming.
he’s a valuable useful idiot for the left
Bc he’s a zionist mouthpiece
Wow he even pulled the "economics 101" comment at the end there, that was quite the humiliation for Krugman.
Krugman would never admit this because it is not in his tribe’s interest
I am of his “tribe” and I think he is a joke.
What do you have to say now?
@@Stevef2022do you refer to White People as goyim?
@@Stevef2022his point stands
@@Stevef2022 Every tribe has intelligent people.
@@thomaswayneward my tribe happens to have an extraordinary number of intelligent people, but intelligent people often come to wrong conclusions, very frequently because someone who is smart is often blinded by their own ego and ignore facts which allude to conclusions they would otherwise disagree with.
Been preaching this for over 20 years:
Labor is a commodity.
1) Scarcity WILL drive the price (wages) up.
2) A glut WILL drive the price (wages) down.
BS. That's the problem with many conservative economists -they are hammers and everything is a nail for them-, there so many factors that contributed to US inequality and low wages, let's number some of them besides migration: 1. Automation, 2. The Raise of China (thus making many items cheaper and dropping wages), 3. Reagonomics: the almost complete destruction of unions and their bargaining power. 4. The US has not a robust Welfare State with free education, great public transportation, and free healthcare because the PHARMA industry doesn't want it that way. Have you considered the amount of money that the average American spends in healthcare, education, and owning a crappy Chevy or Ford, plus insurance ? 5. The tax rate of the rich was minimized since reagonomics. The rich used to pay lots of taxes in the 50's, not anymore, thus the state has no money for social programs. 5. The housing market has gone crazy due a. More demand not enough supply b. Materials being more expensive c. ZOONING ridiculous laws. And I can go on and on and on
@user-wo8ui3bz7v
You’re saying that an increase or decrease in the number of job seekers has no effect on wages?
You’ll have to try sell that garbage in a different market.
@@williamfriar6295 don't be silly, amigo. I said that undocumented migration is one of many reasons, not THE MAIN one. And there plenty of studies that prove that undocumented migration has little impact on wages, due to the fact that undocumented immigrants only do the shittiest jobs that a few people want, and it's not a matter of wages as the gentleman suggest. I live un rural Illinois, in a small town, and here we have a Meat Production Plant. They pay 27 per hour to start. Guess how many American citizens from around this area want to do that job? It's heavy labor, in the cold, and you have to torture animals pretty much. Guess how many immigrants they hire? This issue is very complex. On the other hand, the only reason American population is growing, is because migration (legal or not). We are below replacement rate in terms of birth per women. Do you have a clue how many jobs would have been lost if not for immigration? This town I live in, still has schools, and a college, and public services, and many businesses because immigrant came, otherwise it would have turned into another Mid West ghost town.
@@user-wo8ui3bz7vYou do know there’s no economic school of “reaganomics.”?
This is why I consider a closed and controlled border an absolute necessity to a healthy, capitalist nationalist economy. It's the one bulwark that allows capitalism to flourish because they aren't constantly being replaced by lower wage workers
Krugman has zero to offer humanity.
Fertilizer?🤔
@@lancewalker6067 🤣🤣🤣
@@lancewalker6067 LOL!
@@lancewalker6067 Even his fertilizer would probably ruin the soil
Possibly neither of them. Both have huge blind spots - almost delusional
In order to rightfully be called an economist, at some point in your career, you must demonstrate that you understand how an economy functions. I have yet to see Paul Krugman do this and his statement at the end just emphasizes the point.
Sadly, Paul Krugman is immune to "schooling."
Even if migrations /immigration are allowed on humanity grounds only appropriate religious and common cultural similarities needs to be mandatory for settlement. Contradictory culture and religion needs to be prevented for preventing conflicts and disharmonious activities.
Try telling Cuny that. They love kissing up to religions that are violent and have demonstrated hostility toward America and European countries.
Thomas Sewell explains that immigrants naturally aculturate by the third generation and that this pattern repeats itself accross the world with different immigrant groups in different countries.
100% .. Well said
If the US. didn't destabilize the rest of the world, immigration/migration wouldn't be so necessary
My favorite prediction by Krugman...the internet will have the same degree of impact on business as the fax machine. tells you all you need to know about that "guru"
😂 That exact quote came to mind. It always does when I hear Krugman!
What a burn at the end 😂😂😂😂
The availability of cheap foreign labour depresses wages. It also stifles growth in productivity as employers find it much easier to employ someone cheaply than to innovate processes through investment in technology.
BS. That's the problem with many conservative economists -they are hammers and everything is a nail for them-, there so many factors that contributed to US inequality and low wages, let's number some of them besides migration: 1. Automation, 2. The Raise of China (thus making many items cheaper and dropping wages), 3. Reagonomics: the almost complete destruction of unions and their bargaining power. 4. The US has not a robust Welfare State with free education, great public transportation, and free healthcare because the PHARMA industry doesn't want it that way. Have you considered the amount of money that the average American spends in healthcare, education, and owning a crappy Chevy or Ford, plus insurance ? 5. The tax rate of the rich was minimized since reagonomics. The rich used to pay lots of taxes in the 50's, not anymore, thus the state has no money for social programs. 5. The housing market has gone crazy due a. More demand not enough supply b. Materials being more expensive c. ZOONING ridiculous laws. And I can go on and on and on
FJB!
@@michaelmutphy9077 FJB indeed!
@@user-wo8ui3bz7vBlah. It depresses wages to hire scabs.
I live in the uk ,eastren Europeans suppressed wages for a long time ,we left the eu and wages went up .Businesses want a source of labour to screw costs down mainly for shareholders. And now we have a flood of Africans .All planed .this man is clueless properly being a professor he has never had to worry about wage suppression.
sorry to hear that. What country? Just curious.
The rich never have to worry about anything. Your well being is not of their interest, only your labour.
The Dodge bros vs Henry Ford 1919
In 2008, Krugman was the sole winner of the Nobel Memorial Prize in Economic Sciences for his contributions to new trade theory and new economic geography.[8] The Prize Committee cited Krugman's work explaining the patterns of international trade and the geographic distribution of economic activity, by examining the effects of economies of scale and of consumer preferences for diverse goods and services.
Paul Krugman posing as an economist is like Ronald McDonald posing as a nutritionist.
Cheap labour also discourages investment in productive technowledgy. Why invent a tractor or combine, if you’ve excess supply of serfs to do your plowing and harvesting. It’s no coincidences serfs immeasurably improved their conditions following the 14th century black death, when some 50% of Europe's population was wiped out.
This video shows nothing, there was no schooling of any kind. It's a fragment of a debate, at best.
Before going to college, I worked in many of the jobs that are almost 100% immigrant today (crops, construction, landscaping, general labor). As a kid in grade school I did yard work for a couple dozen people for $20 each (inflation adjusted) that my parents now pay $100 for.
Friedman > krugman
Actually, Krugman was awarded the Nobel prize in economics in 2008.
Krugman is the Pro[re]gressives' go-to economist. That speaks volumes...
"We need immigration because the teenager down the street wants $5 to mow my lawn, and I didn't become a millionaire by paying those kinds of labor prices!"
🤣
I am not so sure. It is not a matter of how high the wage is. Many will still choose not to take these jobs if they can collect more in unemployment benefits. That was demonstrated by the “Scandinavian” model in Europe already in 1970s.
But we've actually seen where deporting people led to thousands of southern black men getting jobs. I'm being very, very specific here, the people who saw the most economic benefit from restricting immigration in 2017 and 2018 was Black men.
Look up Tyson Chicken factory gets thousands of applicants from 2017, just one example where hiring illegal immigrants hurts black men economically more than anyone else.
@@bullmoose5574what are you talking about, the black unemployment is lowest right now, with higher wages.
@Js-gs4ti it's low not currently its lowest, and it's still well above the average. Lastly, that doesn't change whether or not illegal immigration hurts black employment most. A large reason why illegal immigration hurts black employment the most is because it holds down wages.
@@Js-gs4ti it’s about the same as it was before Biden election.
There are people who wont work for any amount of money because they dont have to. Legal migrant workers do not work cheap. They have housing provided by employer as well as transportation from their home to the workplace. What is different is that they show up and work hard. They are willing to learn.
I loved how the 2 graphs completely covered up Paul Krugman. Quite symbolic.
One point about immigration no one is talking about is this:
When you import people from third world countries, who are unskilled and uneducated, they will be on government assistance for the rest of their lives.
It is the taxpayer who pays for this assistance.
The only ones who benefit from this kind of immigration are corporations.
If corporations had to pay for the government assistance, immigration into the U.S. would end tomorrow.
I see no schooling going on here. Immigrants DO take jobs that most Americans don't want. Ask any farmer about that one. No American wants to pick fruit and veggies for low pay in the burning sun. We'd demand $25/hr to do it and if that happened imagine how much food would cost.
Also, Krugman is a Nobel prize winner.
At $25 an hour to pickers your apples and oranges would still be cheap.
BS. That's the problem with many conservative economists -they are hammers and everything is a nail for them-, there so many factors that contributed to US inequality and low wages, let's number some of them besides migration: 1. Automation, 2. The Raise of China (thus making many items cheaper and dropping wages), 3. Reagonomics: the almost complete destruction of unions and their bargaining power. 4. The US has not a robust Welfare State with free education, great public transportation, and free healthcare because the PHARMA industry doesn't want it that way. Have you considered the amount of money that the average American spends in healthcare, education, and owning a crappy Chevy or Ford, plus insurance ? 5. The tax rate of the rich was minimized since reagonomics. The rich used to pay lots of taxes in the 50's, not anymore, thus the state has no money for social programs. 5. The housing market has gone crazy due a. More demand not enough supply b. Materials being more expensive c. ZOONING ridiculous laws. And I can go on and on and on
The title is misleading as Paul Krugman is also a Nobel Laureate in Economics.
Shows you how worthless that is.
@@formerlyknownashammerofthegods Or, that scholars are recognized for having a wide variety of answers and in things like economics, there is no really one right way of doing things as it is a social science.
@@dr_IkjyotSinghKohli Economics is not a social science. It is math.
@@formerlyknownashammerofthegods Nope. It is fully a social science. It uses mathematics amongst other things, but it is a social science. Mathematics must have theorems, proofs, etc... Econ does not. science, as there are no experiments one can run repeatedly to verify a theory as in Physics. At its core, Econ tries to predict human behaviour by creating models that try to explain it, that is a social science.
@@dr_IkjyotSinghKohli Economics are numbers. Just numbers, no feelings, no human behaviors. At its core, numbers are facts. Economics isn’t predicting human behavior. Human behavior is social.
Both are Nobel winners…Krugman is the perfect example of the mathematical dominance of economic academics. He couldn’t get a job anywhere on Wall Street but he’s a tenured professor.
He's so right. The other thing that's used is skill shortages. But it turns out it was used cynically as an excuse to cut wages for many years by using immigrants and economic migrants. Employers paying so poorly, no one wants to work for them, is not a skill shortage.
Krugman isn't 'dumb'.
He's playing a ROLE.
ANYone who is THAT wrong, and STILL has a job .....
is playing a ROLE.
Americans won’t pick crops for $2/hr because they live in America, and that’s not enough to live on. But when you live in an apartment with 20 or your closest Venezuelan friends and send most of that $2 home to Venezuela, that $2 is $100 back home. And you’ll enjoy it fine once you return to your family.
No criticism on that observation, but unchecked, doesn't that enable offering $2/hr and essentially enshrining a shadow slave force, rather than protecting workers from such inequities?
BS. That's the problem with many conservative economists -they are hammers and everything is a nail for them-, there so many factors that contributed to US inequality and low wages, let's number some of them besides migration: 1. Automation, 2. The Raise of China (thus making many items cheaper and dropping wages), 3. Reagonomics: the almost complete destruction of unions and their bargaining power. 4. The US has not a robust Welfare State with free education, great public transportation, and free healthcare because the PHARMA industry doesn't want it that way. Have you considered the amount of money that the average American spends in healthcare, education, and owning a crappy Chevy or Ford, plus insurance ? 5. The tax rate of the rich was minimized since reagonomics. The rich used to pay lots of taxes in the 50's, not anymore, thus the state has no money for social programs. 5. The housing market has gone crazy due a. More demand not enough supply b. Materials being more expensive c. ZOONING ridiculous laws. And I can go on and on and on
you can't win a Nobel prize in economics. it doesn't exist:
The prize commonly referred to as the "Nobel Prize in Economics" is not one of the original prizes established by Alfred Nobel in his 1895 will. The official name is The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. It was established in 1968 by Sweden's central bank, Sveriges Riksbank, to commemorate the bank's 300th anniversary.
Although it is not a "Nobel Prize" in the sense envisioned by Nobel, it is administered and awarded alongside the original Nobel Prizes by the Royal Swedish Academy of Sciences.
There´s a number of things wrong here 1) Angus Deaton is a liberal economist too, he talked a lot about income inequality 2) They had a really productive engaging conversation. 3) Deayton was far from certain about his conclusions on migration but thought it was a strong possibility that immigration brings down wages.
I suggest people watch the actual conversation as it is really interesting not this clip claiming anyone was "owned".
Wait, didn't Paul Krugman win a Nobel prize in economics too ? 🤣
He is a performative economist 💩😬
Economic geography. How and why economic activity takes place an any given area and international trade. Consumer choice for a greater variety of goods. International trade not only makes it easier to attain economies of scale, for some business where the marginal cost of production is negligible (software, music, and other IP) the gains of this scalability are massive.
🎯 Key Takeaways for quick navigation:
00:26 *💲 Economists struggle to admit that immigrants may lower wages*
01:47 *📚 Historical example suggests immigration restrictions led to positive outcomes for marginalized groups*
02:57 *💼 Immigrants take different jobs from native-born Americans, but the key is wages being offered*
Made with HARPA AI
It is true that wages are determined by supply and demand (and not productivity), but the reason why (economic) migrants come to the US is because there is a demand for their labor. And the reason there is a demand for migrant labor is because there's (a) labor shortage, (b) related to a, they want to lower the wage by increasing the supply of labor, and/or (c) the native population simply won't do the job. Americans simply do not want to do the agricultural work, even at higher wages, they quit, especially if there's other jobs available.
Yes, Krugman should indeed be thrown away and discarded from any conversation that discusses reality.
This guy is so right. I’m living it right now
"Immigrants take jobs that Americans won't take" I've been talking about this concept for years. It's such a fallacy. Maybe if you changed it to "Immigrants take jobs that middle class and upper class Americans won't take" or "Immigrants take jobs that are paid so little money that no American could actually live on it." If agricultural jobs (which are primarily done by immigrants) were higher paid, Americans would ABSOLUTELY take those jobs. If we didn't allow such mass immigration, the employers would HAVE TO pay higher wages. (no offense against immigrants per se, am the descendant of immigrants myself)
Paul speaks democrat 🥜
1:22 says it all. I loved seeing this. You can always the issue is more complicated but it's such an important point that's getting ignored as he said.
Krugman is an overachiever by any metric and he knows it. Look at his eyes in ant interview. You will see. But the balls on this guy. Huge!
One point never mentioned is that illegals took away jobs our children use to have such as mowing lawns, cleaning dishes, washing cars, etc., which helped out poorer families.
Krugman is so dim he thinks he's schooling Keaton, then the hammer drops.
Yeah and the great migration has worked wonders for those cities now. Detroit, Milwaukee, St. Louis, Chicago, Baltimore, Philadelphia, Pittsburgh, etc... All unlivable.
And about the graph ...well there are many other graphs that look the same because there was new deal , war... etc. . I guess that income inequality is bad( from this video and comments of commentators) and if we look at taxation graph then we can also conclude that high taxation is good because it decreases inequality. At least if we just look at two graphs.
Agreed... correlation / causation fallacy. I can think of half dozen external factor which could cause these graphs to have similar curves.
Title should be "two Nobel winning economics discuss the role of immigration in wages and wealth inequality". I didn't see anyone "schooled".
Krugman IS a Nobel Economist
Just remember, Krugman was also a consultant for Enron.
Krugman himself is Nobel prize winner. Two different views, of two economists and nothing else. I don't see any schooling is going on.
Krugman is an activist not an economist
BS. That's the problem with many conservative economists -they are hammers and everything is a nail for them-, there so many factors that contributed to US inequality and low wages, let's number some of them besides migration: 1. Automation, 2. The Raise of China (thus making many items cheaper and dropping wages), 3. Reagonomics: the almost complete destruction of unions and their bargaining power. 4. The US has not a robust Welfare State with free education, great public transportation, and free healthcare because the PHARMA industry doesn't want it that way. Have you considered the amount of money that the average American spends in healthcare, education, and owning a crappy Chevy or Ford, plus insurance ? 5. The tax rate of the rich was minimized since reagonomics. The rich used to pay lots of taxes in the 50's, not anymore, thus the state has no money for social programs. 5. The housing market has gone crazy due a. More demand not enough supply b. Materials being more expensive c. ZOONING ridiculous laws. And I can go on and on and on
Americans will take that job if you pay them enough? BS when applied to my company. I have a company that paints houses. I would pay an American citizen (natural, not immigrant) $60,000 a year to start as an actual painter, but no one wants to do it. They all ask about manager and sales positions that pay the same. Usually the painter gets paid less, but I can't find anyone who wants to do the work so I've had to increase my offers.
You should reread your last sentence a few times. You might learn something from yourself after all
@@Rob-gj4hz or you could present a counter argument instead of hollow one liners.
@@georgekitchen7046 You don't understand. There is no counter argument. You made the argument yourself but don't even realize it
@@Rob-gj4hz I can't have a practical conversation with you if you don't make a point. I'm not going to make your argument for you. If you're set on being obtuse, no value can come from this discussion.
Paul Krugman, proves the Nobel is WORTHLESS
BS. That's the problem with many conservative economists -they are hammers and everything is a nail for them-, there so many factors that contributed to US inequality and low wages, let's number some of them besides migration: 1. Automation, 2. The Raise of China (thus making many items cheaper and dropping wages), 3. Reagonomics: the almost complete destruction of unions and their bargaining power. 4. The US has not a robust Welfare State with free education, great public transportation, and free healthcare because the PHARMA industry doesn't want it that way. Have you considered the amount of money that the average American spends in healthcare, education, and owning a crappy Chevy or Ford, plus insurance ? 5. The tax rate of the rich was minimized since reagonomics. The rich used to pay lots of taxes in the 50's, not anymore, thus the state has no money for social programs. 5. The housing market has gone crazy due a. More demand not enough supply b. Materials being more expensive c. ZOONING ridiculous laws. And I can go on and on and on
@@user-wo8ui3bz7v Stop coping in the comments monkey
How did Krugman get let into the building?
Krugman is himself a Nobel Prize winning Economist.
The reason Americans don't take the job is because many of the illegals work under the table. They don't pay federal income taxes because it's illegal for them to work without a work visa, green card, or an SS number. So, they have the advantage of working without paying into the system. With government regulations and penalties far more jobs would be available. Our government allowed and incentivized off-shoring of jobs to cheap labor places around the globe who don't have to worry about pollution, pay a living wage for low-skilled employees, and skip treating folks fairly. Yet, the left ignores the inconvenient facts because it destroys their narrative. Krugman is a produce of Keynesian economic which has never worked.
Both Krugman and Deaton are Nobel prize winners. But Deaton's point is truly ridiculous, certainly on the basis of the very, very flimsy correlation he provided, but also on the political-economy of the point: placing blame on immigrants and not mentioning labor law (minimum wage, working conditions, unions, etc.) or the death of southern Reconstruction and the rise of Jim Crow in the period he was referring to.
More adult diapers are sold in America than baby diapers. The cheap labor is about spending more than cheap labor.. the velocity of money.
As always, when a video is billed as schooling somebody, nobody got schooled
Clearly, the restriction did raise wages for those who went north.
Firstly, it Angus Deaton...not Keaton. Secondly, Paul Krugman won the Nobel Prize in Economics in 2008. Thirdly, there was no "schooling" taking place in this clip.
Well there was because Conman, sorry Krugman, could not come up with a valid counterargument. It is so obvious that immigration lowers wages, how could the undeniable be denied?
@@user-tg3tj2nq6v “immigrants and U.S.-born workers generally do not compete for the same jobs., instead, many immigrants complement the work of U.S. employees and increase their productivity. For example, low-skilled immigrant laborers allow U.S.-born farmers, contractors, and craftsmen to expand agricultural production or to build more homes-thereby expanding employment possibilities and incomes for U.S. workers. Another way in which immigrants help U.S. workers is that businesses adjust to new immigrants by opening stores, restaurants, or production facilities to take advantage of the added supply of workers; more workers translate into more business.” The Brookings Institute
They both won Nobels, so strange title? And Deaton is more of specialist on inequality, whereas Krugman specialty is macro and trade - but Krugman is big advocate for reducing inequality
Overlay the wealth graph with money printing. Probably a big correlation there too. When did we get off the gold standard completely?? The 60s-70s?
Guys can you help me out here is it not wrong the analogy he makes between products and people with regards to supply and demand? I mean if you make a hamburger you increased the amount of hamburgers so supply increased but demand did not fair enough. But if you increase the number of people who can make hamburgers you did increase the supply of labour but you also increased the number of people who can eat hamburgers so you increased the potential demand as well BTW I mean here demand in both senses meaning the demand for food increases because the population increases but also the demand for labour increases because the bigger the population is the more work needs to be done to satisfy the needs of the population so IDK if the analogy is as strong as it initially seems. (Dont get me wrong I am not saying the demand and supply here is one to one if one other person came to the country it does not mean another person needs to be hired to fullfil the needs of that person but it still seems true to say that the more people you have the more labour you have but also the more demand there is which is somewhat connected to more labour needed to fullfil that demand.)
Krugman is a Nobel economist too. It's absolutely true immigrants do jobs Americans don't want to do, ask Texas farmers, ask meat packing plant owners, these are all republicans so should they be discarded for saying it?
Paul has no credibility at all people. He has never been right about anything .
Immigrants put in our new hardwood floors. Did a great job! Couldn't find another company that did it for what they did. They weren't cheap, but they showed up on time and got the job done. The white guy who was hired for the baseboards was the bad one. We had to redo a lot of what he did. Figures.
Paul works for the establishment through and through.
It’s the balance between consumers and producers,producers consume and consumers produce
Paul could not run a Lemonade Stand !
Illegals could run lemonade stands.
I dont think americans would pick tomatoes in the hot sun all day for $30 per hour. My opinion. I could be wrong
You could be wrong. If a person is self-employed growing their own tomatoes in their backyard they could pick a couple of hours, take a break (without an employer dictating to them), then resume picking tomatoes for another two hours, another break, etc. If food inflation were really bad people would really stop being so lazy.
If Krugman is so brilliant as an economist, how come he is not as rich as Bill Gates? Yeah, weathermen can judge the weather better than Krugman predicts where the economy is heading.
Krugman predicted the internet would be as important as the fax machine.
Does Krugman ever get tired of being wrong.
And it always seems to be very elementary topics.... WTF is wrong w/ that guy?
Moving and migrating is a part of the economic activities for better or worse and the economist recognizes this but he is making an assumption that somehow the government policy is static and fixated.
There is nothing wrong if people come and make it happen on their own, yes it will lower some wages but also opens door for others to look for different or better jobs, and yes if their skills are better, other will lose but the as the economy booms, it also lowers the inflation so long as the government stop printing money
Krugman works for the corptocracy.
It's crazy to me that there are still some people who listen to Krugman. He might have gotten a couple things right, but even a broken clock is right twice a day. For the most part, he's been so off base in his analysis and predictions, you might as well ask a layman and yet he's still touted as an expert, it's nutty.
This leaves out that foreign-born Americans are just as likely as other Americans to go to college and get high paying jobs. [[ Joining the basic "ambient" inequality, which is the main problem in America : free market / capitalist / corporatocracy / whatever you want to call it economics. ]]
Every and I mean every time I have a discussion on immigration with liberals I always mention how it lowers wages for lower class Americans and every time they trot out the ol „Immigrants do jobs Americans won’t“. It’s the dumbest statement a person can make.
Of course there should be a lag effect on wages of both birth rate an immigration
You can't import millions of the world's poor annually without a decline in the standard of living of those already here.
Krugman's not a serious thinker. He's pure ideologue.
Krugman is a progressive activist, NOT an economist.
Most conservative economists need to be replaced by cheaper third world economists.
Paul "The Internet is just a fad" Krugman, proving once again that some broken clocks aren't ever right, much less twice a day.
In General Young Americans are not willing to do the hard work like:Agriculture.Hard Factory work.Thats what the problem is.
They’re both Nobel laureate economists.