Personal Misery in the Pursuit of Happiness

Economic growth used to produce widespread wealth – and a combination of low inflation and unemployment once reflected a content and productive society. A widening income gap between rich and poor, in countries as diverse as the US and China, however, is producing large groups of disgruntled or worried workers. National statistics no longer necessarily reflect the mood of such citizens. Even as globalization has done much to eliminate poverty in developing nations, it has also “triggered a wide range of relative price and wage shocks that affect people in very different ways,” explains economist Stephen King for “The Independent.” Even as income gaps among nations gradually subside, the gaps within countries continue to widen. King urges politicians and citizens not to work at futile attempts to reverse globalization, but rather to understand and adapt to a rapid-changing economy. Workers no longer have the luxury of learning a single skill or job that will last a lifetime. – YaleGlobal