We have it backward. There is a labor shortage, not a surfeit. That's what my colleagues at the Council on Foreign Relations' Center for Geoeconomic Studies suggest this week.

For more, check out their site.

(Amity Shlaes, a Bloomberg View columnist, oversees the Echoes blog. The opinions expressed are her own.)

To contact the author of this blog post: amityshlaes@hotmail.com.

To contact the editor responsible for this blog post: Timothy Lavin at tlavin1@bloomberg.net.