Cost Benefit Analysis for Immigration.edited.docx - Running head COST-BENEFIT ANALYSIS FOR IMMIGRATION Cost-Benefit Analysis for Immigration Name

Cost Benefit Analysis for Immigration.edited.docx - Running...

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Running head: COST-BENEFIT ANALYSIS FOR IMMIGRATION 1 Cost-Benefit Analysis for Immigration Name Institution Affiliate Course Date
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COST-BENEFIT ANALYSIS FOR IMMIGRATION 2 Introduction Immigration is a fundamental problem for any open economy and society. For decades the United Kingdom has many people arriving to reside here than people leaving for other countries. The problem is fueled by the fact that the country has a lenient migration policy for the European Union. Besides, the economy is the fifth-largest in the world and therefore attracts immigrants from developing all countries. However, not all immigrants are a problem to the country, under Tier 2, the country allows employers to source foreigners in an occupation where there is a labor shortage. In this paper, we are going to summarize the cost-benefit of the impact of immigration. Overall Approach to Cost-Benefit Analysis The cost of migration can be analyzed using three factors; maximizing the level of the GDP, GDP per head, and the total welfare of the United Kingdom residents. The three elements are used to give a clear picture of the Impact Assessment of Immigration. The GDP measures the total output created by the immigrant and the natives in the UK. The NPV and Cost-Benefit Analysis have shown the GDP measure is an irrelevant and misleading metric for the economic impact of immigration on the resident population. The GDP is unfair measures since it does not indicate resident living standards. If the level of the GDP holds water in terms of migration, a reduction in the level of immigration is likely to reduce the level of the GDP ceteris paribus. According to HM Treasury (2003), migration leads to 3.5% discounted GDP losses. Although the migrants make up 8% of
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