Creative Destruction and Subjective Well-Being

• 成果类型: Article
• 署名作者: Aghion, Philippe; Akcigit, Ufuk; Deaton, Angus; Roulet, Alexandra
• 署名单位: Universite PSL; College de France; University of London; London School Economics & Political Science; National Bureau of Economic Research; Canadian Institute for Advanced Research (CIFAR); University of Chicago; Princeton University; Harvard University
• 刊物名称: AMERICAN ECONOMIC REVIEW
• ISSN/ISSBN: 0002-8282
• DOI: 10.1257/aer.20150338
• 发表日期: 2016
• 页码: 3869-3897
• 关键词: income; happiness

摘要

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.