Scarring or Scaring? The Psychological Impact of Past Unemployment and Future Unemployment Risk
AbstractWe reassess the âscarringâ hypothesis by Clark et al. (2001), which states that unemployment experienced in the past reduces a personâs current life satisfaction even after the person hasbecome reemployed. Our results suggest that the scar from past unemployment operates via worsened expectations of becoming unemployed in the future, and that it is future insecurity that makes people unhappy. Hence, the terminology should be altered by one letter: past unemployment âscarsâ because it âscaresâ.
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Bibliographic InfoArticle provided by London School of Economics and Political Science in its journal Economica.
Volume (Year): 78 (2011)
Issue (Month): 310 (04)
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- Andreas Knabe & Steffen Rätzel, 2008. "Scarring or Scaring? The Psychological Impact of Past Unemployment and Future Unemployment Risk," FEMM Working Papers 08013, Otto-von-Guericke University Magdeburg, Faculty of Economics and Management.
- Andreas Knabe & Steffen Rätzel, 2008. "Scarring or Scaring? The Psychological Impact of Past Unemployment and Future Unemployment Risk," CESifo Working Paper Series 2457, CESifo Group Munich.
- D10 - Microeconomics - - Household Behavior - - - General
- I31 - Health, Education, and Welfare - - Welfare and Poverty - - - General Welfare
- J60 - Labor and Demographic Economics - - Mobility, Unemployment, and Vacancies - - - General
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