New Economics of Labor Migration

The New Economics of Labor Migration suggests that migration decisions are often made by families or households, not just individuals, to improve their overall economic stability. Instead of focusing solely on personal gain, families see migration as a way to diversify income sources, reduce risks, and optimize resources. This approach emphasizes that migration is a strategic choice to enhance household welfare, taking into account factors like savings, investments, and community support, rather than only seeking higher wages abroad. It highlights the importance of social and economic networks in shaping migration patterns and outcomes.