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Creative Destruction and Subjective Well-Being

Philippe Aghion (), Ufuk Akcigit, Angus Deaton and Alexandra Roulet
Additional contact information
Philippe Aghion: CIFAR - Canadian Institute for Advanced Research, Department of Economics, Harvard University, NBER - The National Bureau of Economic Research, PSE - Paris-Jourdan Sciences Economiques - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique, PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, LSE - London School of Economics and Political Science, Collège de France - Chaire Economie des institutions, de l'innovation et de la croissance - CdF (institution) - Collège de France
Alexandra Roulet: Department of Economics, Harvard University

PSE-Ecole d'économie de Paris (Postprint) from HAL

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
Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-01496948
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Citations: View citations in EconPapers (45)

Published in American Economic Review, 2016, 106 (12), pp.3869-3897. ⟨10.1257/aer.20150338⟩

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Journal Article: Creative Destruction and Subjective Well-Being (2016) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:hal:pseptp:halshs-01496948

DOI: 10.1257/aer.20150338

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