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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Without bigger government incentives, oil firms will be reluctant to take what could be an expensive plunge. Small wonder, then, that ExxonMobil boss Darren Woods has called Venezuela "uninvestable" in its current state.