Bilingualism has undeniable benefits at the personal and cognitive level, but it also represents an important economic asset for individuals and society. This paper explores some of the key principles for better understanding and appreciating the economic opportunities created by the growth of Spanish-English bilingualism in the United States, as well as some of the challenges it may pose. We explore some of the direct benefits that individuals can expect (e.g., better job prospects), as well as the potential indirect benefits or externalities that accrue to U.S. society as a whole when barriers to trade, investment, the exchange of ideas, etc. are reduced.
