Good point on genius over education. Innovation is the key.
I think with the h1-b visas there should be no limits, it doesn't make sense to me to turn away educated foreigners who want to become Americans. It seems our establishment is very threatened by allowing in skilled immigrants, but has no problem letting in unskilled immigrants. It doesn't seem like the best thinking to raise the average standard of living.
There is concerns that flooding the labor market with educated immigrants would dramatically lower wages. But that only really matters if it is only in one profession we were bringing in people. The wages are relative if we are allowing in foreigners of many disciplines. However the total knowledge base of America would be increasing.
In such a case how the Americans could justify the college expense (see my tagline)? Unless they decided to chose the field which does not have marketable application. And even then they will do better studying abroad where education is cheaper.
However the total knowledge base of America would be increasing.
Your understanding is that America is not a nation but a marketplace. Do you think that things like Constitution are product of a marketplace or rather of specific national culture? If the last how America can survive in the free market world without borders?