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Creative Destruction and Subjective Well-Being.

Philippe Aghion¹, Ufuk Akcigit², Angus Deaton³

¹College de France, London School of Economics, NBER, and CIFAR.

The American Economic Review

|July 18, 2017

Summary

This summary is machine-generated.

Creative destruction drives economic growth and positively impacts individual wellbeing, especially when unemployment is considered. Job creation boosts happiness, while job destruction has a negative effect, mitigated by unemployment insurance.

Keywords:

Cantril ladder creative destruction growth turnover unemployment wellbeing

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Area of Science:

Economics
Psychology
Sociology

Background:

Economic growth models often overlook the nuanced relationship between labor market dynamics and subjective wellbeing.
Understanding the welfare implications of 'creative destruction' is crucial for policy-making.

Purpose of the Study:

To analyze the impact of turnover-driven growth, encompassing job creation and destruction, on subjective wellbeing.
To investigate how unemployment, unemployment insurance, and individual forward-looking behavior moderate these effects.

Main Methods:

Development of an innovation-led growth and unemployment model.
Empirical analysis using cross-sectional data at both Metropolitan Statistical Area (MSA) and individual levels.

Main Results:

Creative destruction has a positive effect on individual welfare when unemployment is controlled for.
Job creation positively impacts wellbeing, whereas job destruction negatively affects it.
The negative impact of job destruction is lessened in MSAs within states with more generous unemployment insurance policies.
Job creation's positive effect is amplified for more forward-looking individuals.

Conclusions:

Labor market turnover, driven by innovation, significantly influences subjective wellbeing.
Policy interventions like unemployment insurance can mitigate the negative wellbeing consequences of job destruction.
Individual characteristics, such as future orientation, play a role in how job creation affects wellbeing.