Creative Careers: The Life Cycles of Nobel Laureates in Economics

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.