[Please discuss the] relationship between age and productivity.
Economics has a real problem. The smartest people, by the time they are forty (if that), have extremely lucrative opportunities for consulting. They can earn hundreds or thousands of dollars an hour. Most of them cash in, even if they continue to produce good work based on 80 percent of their core attention and capabilities. We get a steady stream of young innovators, but we have few truly deep thinkers at the top of their game.
On the other hand, the economics profession stays broader than it otherwise would be. Non-lucrative fields, such as public choice, economic history, and cultural economics, keep their best thinkers to a greater degree, relative to econometrics and finance. But perhaps these low-paying fields attract fewer really bright people in the first place.
#17 in a series of 50.
It is for the first time that I am hearing about lucrative fields and non-lucrative fields within economics!I thought that all fields within the subject are given equal preference by aspiring young economists.
What is the most attractive and money-making field within economics where mad rush ultimately lead to natural selection and the emergence of victorious think-tank money spinners?
My comment above didn’t touch on the relationship between age and productivity. Sorry ’bout that. Still, I think what I said/asked was relevant.
The young are highly productive in terms of energy/innovation/creativity. The older have vastly more experience, which also counts. I don’t think the post says much to the relationship between age and productivity. So I’m unsure what facets of it you want discussion on.
GVV: The big money-making opportunities for economists are not so much for “think tank money-spinners” as for litigation consultants in areas of finance, intellectual property economics, industrial organization, transfer pricing, government regulation, and pretty much anything else that can become the subject of a lawsuit. Sure, a lawyer or a well-trained non-famous economist can probably explain the relevant economic theory, but when it comes time to put an “expert witness” on the stand, highly successful economists have extensive CVs. In a topic like finance where a layperson is likely to have little knowledge, the value of the work presented at trial is largely contingent on the perceived reliability of the person presenting it.
Essentially, the marginal value of an economist’s consulting work accumulates over time, but the marginal value of an economist’s academic work doesn’t accumulate in the same way. Academic work is a complement to litigation work, but litigation work is a poor substitute for academic work, since the law values well-tested and well-accepted theories, while academia values new and groundbreaking research. Thus, it’s relatively easy to woo top economists away from their academic pursuits with high-paying consulting work.
Bruce writes:
“if it wasn’t for tenure, there would not be anything like so many academics aged over fifty, because they would not deserve their jobs on the grounds of merit.”
I have often wondered why older, less productive workers earned higher wages than their younger, more productive counterparts. I think that the main reason we observe this phenomenon is that older workers serve as mentors to younger workers, thereby increasing the productivity of younger workers. This positive externality of having older workers on staff justifies their wages being above their level of productivity.
Lee:
This is a problem confronted by many research institutions in India.The academicians do lucrative consultation work using facilities available in their institutes,and they give little attention to high quality academic work.
I dont think that as a person grows older that there productivity as workers decreases. I believe that a older, more experienced person would produce more. They would surely be more accurately skilled than a rookie. They would possibly be more focused and responsible as well. I feel that age helps production.
This is true in all feilds not just economy. Your education level plays a part in your pay and what type of career you pursue, but I personally think your love drives you more. Teachers for example is one of the hardest jobs. Some get payed more than others ,but it’s the love and passoin for teaching that drives them and that’s the same for other jobs.
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