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Creative Careers: The Life Cycles of Nobel Laureates in Economics

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Listed:
  • Bruce A. Weinberg

    (Ohio State University)

  • David W. Galenson

    (University of Chicago)

Abstract

We identify two polar life cycles of scholarly creativity among Nobel laureate economists with Tinbergen falling broadly in the middle. Experimental innovators work inductively, accumulating knowledge from experience. Conceptual innovators work deductively, applying abstract principles. Innovators whose work is more conceptual do their most important work earlier in their careers than those whose work is more experimental. Our estimates imply that the probability that the most conceptual laureate publishes his single best work peaks at age 25 compared to the mid-50 s for the most experimental laureate. Thus, while experience benefits experimental innovators, newness to a field benefits conceptual innovators.

Suggested Citation

  • Bruce A. Weinberg & David W. Galenson, 2019. "Creative Careers: The Life Cycles of Nobel Laureates in Economics," De Economist, Springer, vol. 167(3), pages 221-239, September.
    • Handle: RePEc:kap:decono:v:167:y:2019:i:3:d:10.1007_s10645-019-09339-9
    DOI: 10.1007/s10645-019-09339-9
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    References listed on IDEAS

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    1. David W. Galenson & Bruce A. Weinberg, 2000. "Age and the Quality of Work: The Case of Modern American Painters," Journal of Political Economy, University of Chicago Press, vol. 108(4), pages 761-777, August.
    2. David W. Galenson, 2004. "A Portrait of the Artist as a Young or Old Innovator: Measuring the Careers of Modern Novelists," NBER Working Papers 10213, National Bureau of Economic Research, Inc.
    3. Hendrik P. van Dalen, 1999. "The Golden Age of Nobel Economists," The American Economist, Sage Publications, vol. 43(2), pages 19-35, October.
    4. Benjamin F. Jones, 2010. "Age and Great Invention," The Review of Economics and Statistics, MIT Press, vol. 92(1), pages 1-14, February.
    5. Levin, Sharon G & Stephan, Paula E, 1991. "Research Productivity over the Life Cycle: Evidence for Academic Scientists," American Economic Review, American Economic Association, vol. 81(1), pages 114-132, March.
    6. Weiss, Yoram & Lillard, Lee A, 1978. "Experience, Vintage, and Time Effects in the Growth of Earnings: American Scientists, 1960-1970," Journal of Political Economy, University of Chicago Press, vol. 86(3), pages 427-447, June.
    7. R. H. Coase, 2013. "The Problem of Social Cost," Journal of Law and Economics, University of Chicago Press, vol. 56(4), pages 837-877.
    8. David W. Galenson & Clayne L. Pope, 2013. "Experimental and Conceptual Innovators in the Sciences: The Cases of Darwin and Einstein," Historical Methods: A Journal of Quantitative and Interdisciplinary History, Taylor & Francis Journals, vol. 46(2), pages 102-112, June.
    9. David W. Galenson & Bruce A. Weinberg, 2001. "Creating Modern Art: The Changing Careers of Painters in France from Impressionism to Cubism," American Economic Review, American Economic Association, vol. 91(4), pages 1063-1071, September.
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    More about this item

    Keywords

    Creativity; Life cycle; Innovation; Nobel laureates; Economics of science;
    All these keywords.

    JEL classification:

    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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