“Does economic openness increase income?” is retested using quantity measures of trade, finance, and domestic economic size, and the short answer is: “It de-pends”. The results show that Africa and the Americas lose from both trade and financial openness, while Asia gains from trade...

This paper uses the gap between the level of an economy’s well-being and that of a people’s well-being as a measure of the overall economic ill-being in a society. In particular, it argues that such disparity is measurable using objective measures of and subjective measures for inflation and...