Monday, October 27, 2008

Labor mobility attenuates shocks

Wall St refugees leave NYC in mass migration:
Bankers and brokers looking to escape the financial meltdown are scrambling to relocate their families, possessions and rarified talent far from Wall Street to places such as Florida, Chicago, Milwaukee, Virginia and Asia.
Just think how difficult it is for countries without a mobile labor force to respond to these changes. Policies designed to ease the pain from these shocks has the perverse effect of decreasing our ability to respond to them.

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