“When Americans think of college these days, the first word that often comes to m…” — James Surowiecki

Being out of a job can erode people's confidence and their sense of possibility; and employers, often unfairly, tend to take long-term unemployment as a signal that something is wrong.

Developing countries often have hypertrophied bureaucracies, requiring businesses to deal with enormous amounts of red tape.

If someone really wants my company's business, why shouldn't he be able to do everything he can - including paying me off - to get that business? Because bribery encourages people to make decisions based on the wrong criteria, which means in the business world that it distorts the efficient allocation of resources.

Tough times have always lent themselves to nativist sentiments and closed-door policies. But in the case of highly skilled immigrants, these policies are a recipe for stagnation.