Although measured remittances by migrant workers have soared in recent years, macroeconomic studies have difficulty detecting their effect on economic growth. This paper reviews existing explanations for this puzzle and proposes three new ones. First, it offers evidence that a large majority of...

America is in decline, and the rise of the East suggests a bleak future for the world's only superpower: so goes the conventional wisdom. But what if the traditional measures of national status are no longer as important as they once were? What if America's well-being was assessed according to...