Edward Conard

Top Ten New York Times Bestselling Author

  • “…a very valuable contribution.” - Larry Summers, former Secretary of the Treasury and director of the National Economic Council, president emeritus, Harvard University
  • “…a fresh argument for the productive value of inequality.” - David Autor, Professor of Economics, Massachusetts Institute of Technology
  • “There are an amazing number of good ideas and interesting points made in Unintended Consequences. The thinking underlying it, and the obvious depth of understanding of the author, are very impressive.” - Steven Levitt, coauthor of Freakonomics; 2004 John Bates Clark Medal
  • “Unintended Consequences is far smarter and more thought-provoking than most economics written for the general public” - Greg Mankiw, Harvard University, Former Chairman of the Council of Economic Advisors
  • “Unintended Consequences is full of substance, it is one of the must-read books of the year, and once I finish it I will be giving it a second read through right away.” - Tyler Cowen, Professor, George Mason University
  • “…challenges misconceptions that distort our economic debates.” - Arthur Brooks, President of the American Enterprise Institute
  • “A full-throated defense of economic dynamism.” - The Wall Street Journal
  • “…serious thinking for serious thinkers. …a thought-provoking blueprint for growing middle- and working-class incomes.” - Mitt Romney, former Governor of Massachusetts
  • “…a comprehensive explanation of the modern economy.” - Julian Robertson, Founder, Tiger Management
  • “Unintended Consequences offers deep and well-argued analyses on almost every issue.” - The New York Times
  • “Unintended Consequences provides a provocative interpretation of the causes of the global financial crisis and the policies needed to return to rapid growth. Whether you agree or not, this analysis is well worth reading.” - Nouriel Roubini, New York University; Chairman, Roubini Global Economics
  • “…reminds us that inequality sends a signal of what society lacks most, in America’s case, entrepreneurship and risk taking.” - Lawrence Lindsey, CEO, The Lindsey Group, former Director of the National Economic Council
Upside of Inequality Oxford Unintended Consequences

AI Summary. The average age at which great scientists and inventors produce their most important work rose by about six years over the 20th century, a shift attributed mainly to longer early-life investment in education. Those starting later do not show greater productivity in their later years, shortening their effective innovative careers.

Economist Staff The Economist
Date Posted:
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The average age at which great scientists & inventors produce their most important work increased by 6 years over the 20th century, primarily due to extended early-life investment in education.

Does longer schooling shorten the innovative careers of great scientists?

Core argument: The average age at which great scientists and inventors produced their most important work rose by six years over the 20th century, primarily because of extended early-life investment in education.

The average age at which great scientists and inventors produce their most important work increased by six years over the 20th century, primarily due to extended early-life investment in education. This shift suggests that while education is crucial for fostering innovation, it also delays the onset of productive careers, potentially shortening the working lifespan of these individuals. Despite starting later, these thinkers do not exhibit increased productivity in their later years. This trend highlights the need for policy makers and educational institutions to balance the depth of education with the timing of entry into the workforce to maximize innovation output. Understanding this dynamic is essential for optimizing research funding and ensuring a steady flow of groundbreaking work that drives economic growth and technological advancement.

Takeaways by Macro Roundup® AI

  1. The average age at which great scientists and inventors produced their most important work rose by six years over the 20th century, primarily because of extended early-life investment in education.
  2. Great thinkers who begin their productive careers later show no offsetting gains in productivity in their later years, potentially shortening their working lifespan.
  3. The tradeoff between depth of education and the timing of entry into the workforce bears on how policy makers and educational institutions can maximize innovation output from research funding.

, “…Benjamin Jones of Northwestern University has found that the average age at which great scientists and inventors produce their most important work rose by six years over the course of the 20th century, thanks to the need for more early-life investment in education. But although important thinkers begin their careers later than they used to,they are no more productive later in life. Education, while critical to discovery, shortens the working lives of great scientists and inventors….” Economist Staff, “How to get more innovation bang for the research buck,” The Economist, February 27, 2020, https://www.economist.com/finance-and-economics/2020/02/27/how-to-get-more-innovation-bang-for-the-research-buck

Showing 489 database articles primarily about either Productivity, Cronyism, Incentives/Risk-Taking, Innovation/Research, Institutional Capabilities, Intangibles, Investment, Startups, or Workforce Reorganization