A fascinating study from the U.S.’s National Bureau of Economic Research (NBER) entitled “How does Age Affect Scientific Genius” was a breath of fresh air for those of us hurtling towards middle age. Images of precocious youngsters going to university at age six and making their first million in their early teens are, thankfully, few and far between. It is mid-career when your genius peaks, according to the paper written by Benjamin Jones, EJ Ready and Bruce Weinberg.
The Great Debate UK
from The Great Debate:
The 2013 Nobel Prize for economics celebrates that financial markets work, but cautions how little we know. One theme unifies the work of all three winners: Eugene Fama, Robert Shiller and Lars Hansen -- risk. (A disclosure: until August I worked at Dimensional Fund Advisors, where Fama is a director and consultant.) Risk is unpredictable, but can be very profitable. That sounds simple enough, but it has profound implications -- not only for the lords of high finance, but households, too. Risk teaches humility, to overconfident investors and also policymakers. That humility was notably absent at the IMF/World Bank meetings last week. Policymakers should take special note of the prize this year; it reveals how little we really understand about financial markets.
And the Nobel laureate for economics in 2010 is?
Thomson Reuters expert David Pendlebury might have an idea. At least one of the picks from his annual predictions of winners (economics, chemisty, and so on) has won a Nobel prize over the years. Here is his short-list for economics this year.