Outsourcing and the U.S. Economy

Paper Summary:

Many Americans fear that outsourcing jobs to overseas workers is eroding employment opportunities in the United States and they worry that once these jobs move offshore they will never return. Others, including some economists, argue that job outsourcing will, over the long run, strengthen the world economy and eventually provide benefits to the U.S. economy as well. This paper provides a thorough examination of both sides of the argument.

From the Paper:

"The American economy needs a boost from innovation if it is to continue creating the next generation of leading-edge industries and new high-paying jobs. By its nature, technology leaps are unpredictable and risky, yet that's where the U.S. shines. It has the biggest economy on earth, enabling America to make technological bets that would crush other nations. The U.S. has by far the best-developed financial markets in the world, including venture-capital and high-yield bond markets for financing new businesses.
For the foreseeable future, the U.S. still has the best-educated workforce among the major economies, a plus for invention. The latest figures from the Organization for Economic Cooperation & Development show that 30% of Americans aged 25 to 34 have a college degree, compared with 24% for Japan and 14% for Germany. That's essential: Better-educated workers can better cope with rapid change, adjust on the fly, and imagine and develop fresh products and strategies."

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