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Wednesday, March 22, 2006

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Charles Pernick

Claudia Canals is dead wrong. The plain and simple fact of the wage gap is due to the global supply of labor and its demand. There are no hidden variables which implies it doesn't matter if one is a skilled or unskilled labor. See my blog: Neoclassical Theory of Production [http://neoclassicaltheory.blogspot.com/] for the detailed math of how one can unify all economic schools of thought under a global topological theory and Federal Reserve and Monetary Policy's section Chavez's Curve Ball [http://fedwatch.blogspot.com/2005/11/federal-reserve-and-monetary-policy_30.html] for an explanation as to why the US of A is in class-warfare. The Illegal Aliens Rights movement is really an economic struggle.

Arthur Eckart

Charles, it would seem outsourcing is a valid argument for the widening of the wage gap, because less skilled domestic labor has to compete with lower wage foreign labor (which may have also facilitated the decline of domestic unions). Skilled biased technological change also seems to widen the wage gap, because skilled labor and technology are compliments, i.e. more than unskilled labor.

Charles Pernick

The problem is not really outsourcing. The problem is Global GDP. It is not high enough to absorb the supply of the global labor force.

My term for outsourcing is based on where labor is located and where the customers/clients are located. I call it off-shoring if there is a national boarder that currency, goods and services have to cross.

Off-shoring, in general, is not bad for the global economy. It allows a process that I call, “Chasing the Sun” to occur. “Chasing the Sun” is an efficient means of completing a task. This implies that “Chasing the Sun” is relevant to information and informational processes.

India is not an economic crises. Work force turnover is high in the IT field. India's consumer society is growing. The cost of goods, services and its distribution would, in time, be equalized.

China is an economic crises. The Chinese government has not lived up to its WTC rules. The US of A and other developed countries need the ability to provide services to the Chinese consumers/clients (“Chasing the Sun”).

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