There was a recent piece in the New York Times on Italy’s economic situation and how its high unemployment rate and stagnant economy appears to have led to a return of Italian emigration. This story struck a personal chord given my own parents came to Canada during the post World War Two wave of immigration. While current Italian emigration it is not near the levels of the 1950s and 1960s, about 400,000 university graduates have left over the last decade. This is quite different from the out migration of the past, which saw the outflow of mainly unskilled labor. This represents an outflow of valuable human capital and the departure of future potential economic growth and innovation. It also reminded me that we have seen this before in Canadian economic history.