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...Jyoti Thottam. Reported by Perry Bacon Jr. with Kerry, Massimo Calabresi and Douglas Waller/Washington, Matthew Forney/Beijing, Ghulam Hasnain/ Islamabad, Donald Macintyre/Seoul, Tim McGirk/Kabul and Yuri Zarakhovich/ Moscow
...that we're losing in this discussion is, Is outsourcing bad for America? Is globalization good or bad for America?" Baumol, along with his fellow panelists on TIME's Board of Economists--RON HIRA of the Rochester Institute of Technology, CATHERINE MANN of the Institute for International Economics and MATTHEW SLAUGHTER of the Tuck School of Business at Dartmouth--proceeded to delve into that hotly contested question. Under prodding from TIME's JYOTI THOTTAM, the panel wrestled with issues of policy, politics and economic philosophy, sometimes clashing sharply. But in the end they agreed on a sobering call to action...
...MATTHEW SLAUGHTER: There is something lost in the discussion about trying to identify the number of jobs lost to outsourcing. Counting jobs in these snapshots misses the point. Globalization for the U.S. economy continues to create very large gains, but those gains don't accrue to every single worker. There's too much focus [on] policy solutions for those directly impacted. Given the fluidity in the labor market, these pressures are really spread economywide...
With hours to kill in Chicago, you could do worse than Ferris Bueller, actor Matthew Broderick's amiably conniving teen antihero from the 1986 comedy who played hooky and turned the town upside down. But almost two decades later, you could also do much better. Over the years the Windy City has continually reinvented itself, adding world-class tastes to its legacy of blues, comedy and 1920s-era speakeasies...
...course, and options abound beyond the famous Second City for comedy and Kingston Mines or Green Dolphin Street for jazz. Natives flock to Rosa's Lounge, a blues haven northwest of downtown run by Tony Rosa and his mother. You may not end up dancing in the streets, as Matthew Broderick's character did, but a few hours of R. and R. in Chicago will certainly feel like...