Is the era of cheap Chinese labor over?

That's a symposium over at The Economist, featuring a contribution from yours truly, as well as many other economists, including Stephen Roach, Guillermo Calvo, and Lant Pritchett.

Excerpt from me:

Here’s another way to explain why the concept of cheap wages can so quickly become misleading. If you’re looking to buy a Mercedes-Benz, for instance, German labour is the cheapest in the world for that goal.