From my new post at Mises Canada:
Caplan then goes on in his post to lament the odd fact that people do not respond to this potential of trillions of dollars in global wealth (via labor mobility) the way Caplan claims they would respond to the discovery of trillions of dollars of Leonium buried under the Empire State Building.
Whether one agrees with Caplan’s position on immigration or not, there’s a major problem with his argument: People in the U.S. (and Canada) currently are sitting on trillions of dollars of wealth buried under the ground, which their governments won’t let them access. It’s not a mythical substance called Leonium, but very real substances called oil and natural gas.
In case it’s not clear, this isn’t a hit piece on Bryan. Rather, I’m pointing out that “people” (really government policies) are as wealth-destroying when it comes to other assets too. It’s not just about immigration policy.