Immigration is the process of relocating to a new nation after leaving one’s home country to pursue better economic, political, and social conditions. Frequently, immigration is perceived to negatively impact the country’s economic growth rather than promote its net gain. Despite strong opposition from various people and nations, research indicates that immigration regulations should be less enforced due to the overall positive effect on the economy.
Immigration contributes immensely to the United States by providing an economic advantage in the global economy. Immigrants offer fresh economic opportunities and an entrepreneurial spirit to the nation, which pioneers new businesses, fostering economic growth. Based on the study by Aparicio and Noguera, over half of the billion-dollar enterprises in the United States are created by immigrants (2020). Additionally, businesses generate an average of 760 new employment opportunities (Aparicio & Noguera, 2020). Immigrants foster commercial ties between their mother countries, boosting America’s capacity to trade and participate effectively in the international economy. Immigrants render the country’s economy agile, enabling the US to adapt to shifting consumer needs.
Diversification of the economic workforce is critical for offering business insight and rich viewpoints to enhance companies’ growth. Diversification fosters the Schumpeterian inventive approaches by attracting new enterprises and talent (Middermann, 2020). Due to their variety, immigrant entrepreneurs seek to establish distinct urban economic activities and help support the nation’s future growth. Immigrants provide a proportionate amount of the labor force through high birth rates, offsetting America’s present economic recession. By establishing small industrial, retail, and service firms, immigrants offer an increased domestic consumer marketplace for the technological, energy, and commercial services sectors.
Ethnicity among entrepreneurial immigrants is a significant determinant of a country’s economic progress. According to Canadian research, immigrants from various ethnic communities are more likely than others to create ethnic-related enterprises that cater to the products and services demands of a particular ethnic community (Nkrumah, 2018). Societal and human capital accumulated in the mother country and transferred to Canada may benefit immigrants, particularly those seeking assistance from pre-existing relationships in establishing export firms. Connections back home can help export and import enterprises succeed. According to studies, non-ethnic entrepreneurs outperform ethnic-based company owners. However, recent immigrants outperform non-recent immigrants and native citizens when exporting goods from their companies. Furthermore, immigrants’ innovation has the potential to boost a nation’s productivity, thereby increasing economic growth per capita.
The specialization of labor is a fundamental economic principle. According to Adam Smith’s study into the Nature and Causes of the Wealth of Countries, wealth arises from an increased labor force and greater specialization (Huang & Liu, 2019). Ten employees create a full chair individually and generate twenty chairs weekly. Upon specialization, the workers may make more chairs each week. An increase in specialization leads to higher-quality output and more economic growth. Adding five more employees to the initial ten increases the production benefits. When one person sees the timber, another carves it into form, and a third clasps the pieces together, the production skyrockets.
Immigrants increase both the supply and demand for products. During the long boom of the 1990s, particularly in the second quarter of the decade, the national unemployment rate dropped below 4% (Brown et al., 2020). During relatively strong immigration, recorded earnings rose throughout the income spectrum. Immigration is an essential component of American ideologies such as the American Dream. Immigration is critical to the workforce’s survival. Therefore, allowing immigration and providing asylum to immigrants is the right thing to do. Anti-immigrant views and policies that seek to preclude legal immigrants from American civic life, as per Bill Clinton, are discriminatory and unjust (Brown et al., 2020). Most immigrants, he claims, work hard and offer significantly to America’s socio-economic structure. Immigrants are motivated by a passion for excellence as well as an admiration for American ideals. Immigration gives America its “melting pot” society through diverse cultures, which is a beneficial element of society.
Contrary to common belief, immigration does not drive Americans out of work. Immigrants tend to fill roles that Americans would or could not fill, primarily at the top and bottom of the income distribution of the skill continuum (Brzozowski, 2019). Immigrants are represented in high-skilled disciplines such as medicine, physics, and information science and lower-skilled industries like restaurants, bars, domestic work, and construction. Immigrants are, therefore, not a waste of the government’s resources. According to a report by Brzozowski, the average immigrant and their offspring spend $80,000 more in revenue than they receive government benefits during their lives (2019). The net annual financial yield for immigrants with university degrees is $198,000 (Brzozowski, 2019). However, poor-skilled immigrants and refugees receive federal assistance more than the average native families. The government’s revenue from collective immigrants surpasses the amount allocated for immigrant subsidies.
Immigration is the process of relocating to a new nation after leaving one’s home country to pursue better economic, political, and social conditions. Frequently, immigration is perceived to negatively impact the country’s economic growth rather than promote its net gain. Despite strong opposition from various people and nations, research indicates that immigration regulations should be less enforced due to the overall positive effect on the economy.
References
Aparicio, S., Turro, A., & Noguera, M. (2020). Entrepreneurship and intrapreneurship in social, sustainable, and economic development: Opportunities and challenges for future research. Sustainability, 12(21), 8958.
Brown, J. D., Earle, J. S., Kim, M. J., & Lee, K. M. (2020). Immigrant entrepreneurs and innovation in the US high-tech sector. The Roles of Immigrants and Foreign Students in US Science, Innovation, and Entrepreneurship, 149-171.
Brzozowski, J. (2019). Entrepreneurship and economic integration of immigrants: A critical review of the literature. International Journal of Entrepreneurship and Innovation Management, 23(6), 584-604.
Huang, X., & Liu, C. Y. (2019). Immigrant entrepreneurship and economic development: A local policy perspective. Journal of the American Planning Association, 85(4), 564-584.
Middermann, L. H. (2020). Do immigrant entrepreneurs have natural cognitive advantages for international entrepreneurial activity?. Sustainability, 12(7), 2791.
Nkrumah, A. (2018). Immigrants’ transnational entrepreneurial activities: The case of Ghanaian immigrants in Canada. Journal of International Migration and Integration, 19(1), 195-211.