“Bangalore Wages Spur ‘Reverse Offshoring'”—headline, Page 1, Financial Times, 0702.07
When an incredible amount of work is thrust upon a labor market … wages go up. As I said: Duh.
(Article substance: In some cases Indian engineers now cost about 80% of the price of the hometown troops. At that differential, “Home sweet home” becomes the song du jour.
Message to the skeptics, again, especially in Washington and on CNN (yes, you, Lou): Markets work.