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The Lasting Well-Being Effects of Early Adulthood Macroeconomic Crises
[journal article]
Abstract This paper studies the effects of macroeconomic crises experienced in early adulthood on subjective well-being (SWB) later in life. Using repeated cross-sectional survey data of over 100,000 individuals from 38 countries around the world combined with historical data on macroeconomic circumstances, ... view more
This paper studies the effects of macroeconomic crises experienced in early adulthood on subjective well-being (SWB) later in life. Using repeated cross-sectional survey data of over 100,000 individuals from 38 countries around the world combined with historical data on macroeconomic circumstances, I find that having experienced a macroeconomic crisis at ages 18-25 is detrimental to SWB. This result is in line with earlier literature that focuses on other individual-level outcomes. However, the analysis presented in this paper reveals that outcomes related to individual’s earnings, employment status, family life, and religion cannot fully explain the lasting effect of macroeconomic crises on well-being. Results on heterogeneous responses show that the negative effect is largest for females and for individuals with low educational attainment.... view less
Keywords
EVS; well-being; happiness; satisfaction with life; young adult; macroeconomics; recession
Classification
Basic Research, General Concepts and History of Economics
General Psychology
Free Keywords
subjective well-being; macroeconomic crises; European Values Study Longitudinal Data File 1981-2008 (EVS 1981-2008) (ZA4804 v3.0.0)
Document language
English
Publication Year
2023
Page/Pages
p. 76-99
Journal
Review of Income and Wealth, 69 (2023) 1
DOI
https://doi.org/10.1111/roiw.12551
Status
Published Version; peer reviewed
Licence
Creative Commons - Attribution-Noncommercial-No Derivative Works 4.0