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Creative Destruction and Subjective Well-Being

Philippe Aghion, Ufuk Akcigit (), Angus Deaton () and Alexandra Roulet

American Economic Review, 2016, vol. 106, issue 12, 3869-97

Abstract: In this paper we analyze the relationship between turnover-driven growth and subjective well-being. Our model of innovation-led growth and unemployment predicts that: (i) the effect of creative destruction on expected individual welfare should be unambiguously positive if we control for unemployment, less so if we do not; (ii) job creation has a positive and job destruction has a negative impact on well-being; (iii) job destruction has a less negative impact in areas with more generous unemployment insurance policies; and (iv) job creation has a more positive effect on individuals that are more forward-looking. The empirical analysis using cross sectional MSA (metropolitan statistical area)-level and individual-level data provide empirical support to these predictions.

JEL-codes: I31 J63 J65 O33 O38 (search for similar items in EconPapers)
Date: 2016
Note: DOI: 10.1257/aer.20150338
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Working Paper: Creative destruction and subjective well-being (2016) Downloads
Working Paper: Creative Destruction and Subjective Well-Being (2016) Downloads
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