We document that trust in public institutions--and particularly trust in banks, business and government--has declined over recent years. U.S. time series evidence suggests that this partly reflects the pro-cyclical nature of trust in institutions. Cross-country comparisons reveal a clear legacy...

Typical measures of racial progress focus on objectively measurable changes in economic conditions - employment opportunities, income, education. These indicators tell a story of ongoing, albeit frustratingly slow, progress. In this paper, we focus instead on measures of subjective wellbeing....