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The misallocation of talent in innovation – “missing Einsteins” – has a first-order impact on growth and welfare. Murat Celik combines surname-level empirical analysis and inventor and census micro-data to suggest people from richer backgrounds are more likely to become inventors, but those from high-education backgrounds become more prolific inventors. Therefore rich can become inventors even if mediocre through excessive credentialing spending. Celik discusses the implications of these findings.
Image courtesy of interviewee. April 17, 2024
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