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Creative Destruction and Subjective Well-Being

Philippe Aghion, Ufuk Akcigit, Angus Deaton and Alexandra Roulet
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Alexandra Roulet: Department of Economics, Harvard University

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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.

Keywords: Well; being (search for similar items in EconPapers)
Date: 2016-10
New Economics Papers: this item is included in nep-hap, nep-ino and nep-ltv
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Published in American Economic Review, 2016, 106 (12), pp.3869-3897. ⟨10.1257/aer.20150338⟩

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DOI: 10.1257/aer.20150338

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