Podcast on systemic resilience and migrant workers with Ha-Joon Chang

Focusing on resilience rather than efficiency in the short run might translate into efficiency in the long run. However, firms might avoid the additional short-run costs associated with greater resilience, so the government could support resilience through regulation or financial incentives. An inclusive health system is needed to make the labour force resilient. Diversification of international supply chains is easier said than done: some suppliers are hard to replace, and an existing industrial base is a precondition for repatriating industries. Societies need to find new ways to identify important occupations: many “key workers”, including many migrant workers, are poorly paid. In addition to better pay, migrant workers in essential services should be less dependent on a single employer and more often multi-skilled.