Immigration boosts innovation and wages in the US. The positive dynamic impact of immigration on innovation and wages dominates the short-run negative impact of increased labor supply. Increased immigration to the US since 1965 is estimated to have increased innovation and wages by 5%.

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But despite the upbeat mood on Wall Street, every big deal includes losers. And this is no exception: Assuming it goes through, the losers in this deal will be Hollywood’s unseen entertainment workers—the writers, non-star actors, directors, set designers, and others, whose numbers have been decreasing for years.

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