capital, population, income growth and distribution, and migration trends are endogenous. We derive new insights about the … impact of migration on long-term income growth and distribution, and the net benefits to natives in both destination and …

The answer is that people's evaluations of their income situation are based on different considerations when the … of others undercuts the tendency for happiness to grow with an increase in one's own income, and happiness remains fairly … for income evaluations turns inward. "Financial hardship", the shortfall from one's own previous peak income, takes over …