Go forth and multiply (income)

For an economy that is the world’s biggest recipient of remittances, the policy objective would be to improve the skills of a larger proportion of its workforce. This accomplishes the dual objective of domestic industry being able to absorb some of these skills while those exported are also less likely to be stranded abroad due to wage arbitration. The broader objective would be accelerating low-skill income growth at home through high-skilled manufacturing and services. The second-order effects on intermediate and low-skilled employment can be impressive.



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