Quotation of the Day…

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… is from page 69 of Norbert Michel’s excellent 2025 book, Crushing Capitalism: How Populist Policies are Threatening the American Dream [footnotes deleted]:

Bringing more people into an economy increases human ingenuity, thus increasing opportunities for improving specialization and division of labor. It can lead to improvements in productivity as people with complementary skills work together. Increased immigration can also boost a country’s exports as migrant networks generate lower transaction costs and help transfer product-specific knowledge, both of which increase productivity. Just as important, increased immigration can bring noneconomic benefits to a country, such as enriching the existing culture, cuisine, and knowledge of other places and people.