The more prosperous you get, the less likely you have to get your hands dirty to make a living.
That thinking applies to people — and countries.
Mainstream economic thinking says it is a natural evolution of economies, as they advance, that their population becomes more service oriented, relying on their purchasing power to acquire goods at a lower price from less developed countries.
In fact, labor costs in the U.S. are often five to 10 times higher than in other countries, given the protections and standards afforded workers here. Producing goods here could result in higher prices on everyday items.
Economic theory says that the U.S. should import goods from nations that can produce it more cheaply and export services such as technology, innovative finance and software.
In addition, economists say that reshoring manufacturing won't restore jobs to the displaced labor force. Companies will only be able to compete with low-wage countries by prioritizing automation in factories, leading to minimal net job creation.