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Quotation of the Day…

Tweet [1]

… is from page 98 of Arthur Diamond, Jr.’s, excellent 2019 book, Openness to Creative Destruction: Sustaining Innovative Dynamism [2] (footnotes deleted; links added):

An exciting development from the computer revolution [3], the iPod innovation, created low-paid manufacturing jobs, mostly abroad, and “high-paid professional and engineering jobs [4],” mainly in the United States. Over two-thirds of the total value of wages paid to create an iPod were paid to workers within the United States.

UPDATE: And as Tony Gill adds (at Facebook) [5]: “And if one compares the wages of the overseas workers to their next best opportunity of employment, methinks they would be big winners in the capturing a portion of the gains from trade too.”