Current theories on economic growth are stressing the important role of creativity
and innovation as a main driver of regional development. Some perspectives, like
Richard Florida’s ‘creative class theory’, have elected tolerance and diversity as a core
concept in explaining differential development between different places, but his assumptions
are challenged by other empirical and theoretical studies. In this article, we raise the
possibility that tolerance is a necessary yet not a sufficient ingredient to trigger economic
development in regions, and explore the role of subjective well-being (life-satisfaction,
happiness, and optimism) as a moderator. Using a nationwide survey of 3,757 respondents
from 21 different municipalities, the results show that optimism played the role of moderator,
thus evidencing that psychological variables should be taken into account when
trying to understand regional economic development