Does the Cream Always Rise to the Top? The Misallocation of Talent in Innovation

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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

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