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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Crypto is no different. This is clear from Digital Gold, a 2015 book about the early history of Bitcoin whose back cover promises: “a brilliant and engrossing account of this new technology.” The book, probably still the best crypto work to date, is by a former New York Times journalist.

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