APA References formart: More pain than gain. (2006, September 9). Economist. Retrieved from Academic Search Premier database.

"More Pain Than Gain" is a longer essay from the Economist, the British newsweekly. I've broken it into parts; if you prefer, here is the PDF.

"More Pain Than Gain" argues that "many workers are missing out on the rewards of Globalization."

As you read Part 1, answer the following questions:
1. What puzzling fact does the author address at the beginning of the essay?
2. How does the author explain the puzzling fact?
3. "The real threat is to wages, not jobs." Explain in your own words.

4. Explain in your own words the normal, and the current, relationship between wages and productivity.

In Part 2, the essay contrasts the present situation with economic theory. According to "traditional trade theory," free trade should raise the wages of workers. But this does not seem to be happening today. Why not? What reason does the author give for this unexpected phenomenon? Explain the process that leads to stagnant wages for American workers.

In Part 3, the essay rebuts the argument that the solution to stagnant wages is more education so workers can benefit from today's high-tech economy. In your own words, paraphrase the essays' rebuttal of this argument.

In Parts 4 and 5, the essay still supports globalization. Why? What measures does the essay propose to address inequality?