cheap labor

“The natural implication of this is that basically the more cheap labor you get, the less incentive there is for labor-saving innovation, for entrepreneurs and technologists to invest in labor-saving innovation.”

“And I'd say that if you look in nearly every country from Canada to the UK that imported large amounts of cheap labor, you've seen productivity stagnate. And I don't think that's not a total happenstance. I think that the connection is very direct.”

“I think the second is that cheap labor is fundamentally a crutch, and it's a crutch that inhibits innovation. I might even say that it's a drug that too many American firms got addicted to. Now, if you can make a product more cheaply, it's far too easy to do t…”