Why anti-immigration is risky business
In a December 2025 commentary , economist Kenneth Rogoff argues that the rising tide of anti-immigration sentiment in many wealthy countries isn’t just a political squabble: it’s an economic self-inflicted wound. Rogoff notes that many advanced economies are confronting aging populations, shrinking workforces, and chronic labour-shortages. Yet political pressure is pushing in exactly the opposite direction: tougher restrictions on migration. He warns that by “shutting the door on immigrants,” nations undermine their ability to adapt to rapid technological change, maintain innovation, and sustain long-term growth. In effect, restricting immigration at this moment equates to taxing the future — a decision that may feel popular, but that carries serious costs in competitiveness, productivity, and payoffs from technological adoption. Recently Elon Musk also echoed similar sentiments . At its core, his message: demographics aren’t optional — if labour supply and talent mobility d...