"We have had over the last 50 years nearly 2 percent annual productivity growth. So every year you basically figure it out how to do 2 percent more with a given amount of labor than you did a year before. Now, that's not as high as what we had in the 1950s and 1960s, when we were coming off all of the World War II innovations."
"Immigration matters both for your labor force and how many people you have to work, which is increasingly a challenge for the United States were it not for immigration. And not every country can overcome unfavorable demographics, but we really can with this. And then immigration also matters for that 2 percent number, that productivity growth. Because a lot of that innovation, a lot of the companies we're talking about are founded by, staffed by, run by first- or second-generation immigrants."
U.S. productivity rose nearly 2 percent annually over the past 50 years, allowing gradual increases in output per worker. That pace, while lower than mid-20th-century postwar gains, accumulates significantly over time. Artificial intelligence might contribute to or be part of that productivity trajectory. Immigration bolsters the labor force, helping offset unfavorable demographics that would otherwise shrink the workforce. Immigration also supports innovation and productivity because many firms are founded, staffed, and run by first- and second-generation immigrants. U.S. economic prospects therefore depend heavily on immigration policy and flows. A growing global population would be preferable, but immigration offers a viable path for U.S. growth.
Read at www.nytimes.com
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