From 1922 to 1923, over 1.2 million Greek Orthodox migrated from Anatolia to Greece. This column examines whether the human capital decisions of refugees differ from natives, and how they continue to impact the Greek economy today. While in 1928, literacy rates and primary school completion rates were lower among refugees and refugee settlements compared to native ones, refugees caught up and eventually surpassed the natives. In addition, college graduates from refugee settlements are more