Garett Jones | |
|---|---|
 Jones in 2024 | |
| Nationality | American |
| Academic career | |
| Field | Economics |
| Website | Official website |
Garett Jones is an American economist and author. His research pertains to the fields of macroeconomics, monetary policy, IQ in relation to productivity, [1] short-term business cycles, and economic development. He is an associate professor at George Mason University and the BB&T Professor for the Study of Capitalism at the Mercatus Center. [2] [3]
Jones was raised as a Mormon but left the church as a young adult. [4] His grandmother was Jewish. [5] He completed a B.A. in history with a minor in sociology from Brigham Young University in 1992. He did an M.P.A. in public affairs at Cornell University in 1993, followed by an M.A. in political science at the University of California, Berkeley in 1994. Jones completed a Ph.D. in economics at the University of California, San Diego in 2000.
 |
After holding a number of visiting scholar and other academic positions, Jones joined the faculty of George Mason University in 2007. [6]
He is on the editorial board of the Journal of Neuroscience, Psychology, and Economics.
Jones started his research on IQ in a paper with Joel Schneider in 2006 that argued that IQ is a statistically significant explanatory variable of economic growth, [7] thus agreeing broadly with the thesis advanced by Richard Lynn and Tatu Vanhanen in their book IQ and the Wealth of Nations. The chief observation that Jones made, and popularized, is that national IQs have much greater predictive power for individual earnings than individual IQ.
Jones' further research has been on identifying the causal mechanisms by which IQ might affect productivity and economic growth at a national level. [2] One mechanism posited by Jones is that smarter groups tend to be better at arriving at and enforcing norms of cooperation. Jones has used laboratory experiments involving repeated prisoner's dilemma, combined with the SAT scores of participants, to offer support for this hypothesis. [8] He has also suggested that patience and delayed gratification might offer an explanation. [9]
Jones has argued that certain sectors requiring very high quality work and with very low error-tolerance can only exist and thrive given access to a high-IQ population, because in such sectors, it is not possible to replace a single high-IQ worker by multiple low-IQ workers and achieve the same output. Jones informally dubs such sectors "O-Ring sectors", in contrast to "foolproof sectors", where a larger workforce of people with lower productivity can produce the same output as a smaller workforce of people with high productivity. [10]
Jones offers a summary of his and others' research on the relationship between IQ and national productivity in an article for The New Palgrave Dictionary of Economics . [11]
Some of Jones' research has focused on the role of money, monetary policy, and mechanisms to reduce the risk of financial crisis. [2] [12] [13] [14]
| External videos | |
|---|---|
 Two YouTube videos | |
 Garett Jones on the Economic Impact of Culture on Immigration | |
| SDP Talks – Garett Jones on Culture Transplant Theory |
Jones wrote the book Hive Mind: How Your Nation's IQ Matters So Much More Than Your Own , which builds on his research on the relationship between IQ and national productivity. [15] It was released in November 2015 by Stanford University Press. [16]
He was the editor of the book Banking Crises (2016), produced for The New Palgrave Dictionary of Economics . [17]
His book 10% Less Democracy: How Less Voting Could Mean Better Governance was published on February 7, 2020. It is based on a 2015 presentation. [18]
On November 15, 2022, Jones published The Culture Transplant: How Migrants Make the Economies They Move to a Lot Like the Ones They Left. [19] He has described his books Hive Mind, 10% Less Democracy, and The Culture Transplant as his "Singapore Trilogy". [19]
Jones was a guest blogger for EconLog from September 2012 to April 2013. [2] He has given his opinion on macroeconomic policy and financial crises on CNBC and in various media clippings. [20] [21]
Economics is a social science that studies the production, distribution, and consumption of goods and services.
Vernon Lomax Smith is an American economist who is currently a professor of economics and law at Chapman University. He was formerly the McLellan/Regent’s Professor of Economics at the University of Arizona, a professor of economics and law at George Mason University, and a board member of the Mercatus Center. Along with Daniel Kahneman, Smith won the 2002 Nobel Memorial Prize in Economic Sciences for his contributions to behavioral economics and his work in the field of experimental economics, which helped establish “laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms”.
A Veblen good is a type of luxury good, named after American economist Thorstein Veblen, for which the demand increases as the price increases, in apparent contradiction of the law of demand, resulting in an upward-sloping demand curve. The higher prices of Veblen goods may make them desirable as a status symbol in the practices of conspicuous consumption and conspicuous leisure. A product may be a Veblen good because it is a positional good, something few others can own.
The Balassa–Samuelson effect, also known as Harrod–Balassa–Samuelson effect, the Ricardo–Viner–Harrod–Balassa–Samuelson–Penn–Bhagwati effect, or productivity biased purchasing power parity (PPP) is the tendency for consumer prices to be systematically higher in more developed countries than in less developed countries. This observation about the systematic differences in consumer prices is called the "Penn effect". The Balassa–Samuelson hypothesis is the proposition that this can be explained by the greater variation in productivity between developed and less developed countries in the traded goods' sectors which in turn affects wages and prices in the non-tradable goods sectors.
Kevin McCabe is an American economist and economic theorist. He works in the fields of experimental economics, neuroeconomics and the study of human trust and decision making.
Personnel economics has been defined as "the application of economic and mathematical approaches and econometric and statistical methods to traditional questions in human resources management". It is an area of applied micro labor economics, but there are a few key distinctions. One distinction, not always clearcut, is that studies in personnel economics deal with the personnel management within firms, and thus internal labor markets, while those in labor economics deal with labor markets as such, whether external or internal. In addition, personnel economics deals with issues related to both managerial-supervisory and non-supervisory workers.
International economics is concerned with the effects upon economic activity from international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and transaction.
Immigration is the international movement of people to a destination country of which they are not usual residents or where they do not possess nationality in order to settle as permanent residents. Commuters, tourists, and other short-term stays in a destination country do not fall under the definition of immigration or migration; seasonal labour immigration is sometimes included, however.
The regulation school is a group of writers in political economy and economics whose origins can be traced to France in the early 1970s, where economic instability and stagflation were rampant in the French economy. The term régulation was coined by Frenchman Destanne de Bernis, who aimed to use the approach as a systems theory to bring Marxian economic analysis up to date. These writers are influenced by structural Marxism, the Annales School, institutionalism, Karl Polanyi's substantivist approach, and theory of Charles Bettelheim, among others, and sought to present the emergence of new economic forms in terms of tensions within existing arrangements. Since they are interested in how historically specific systems of capital accumulation are "regularized" or stabilized, their approach is called the "regulation approach" or "regulation theory". Although this approach originated in Michel Aglietta's monograph A Theory of Capitalist Regulation: The US Experience and was popularized by other Parisians such as Robert Boyer, its membership goes well beyond the so-called Parisian School, extending to the Grenoble School, the German School, the Amsterdam School, British radical geographers, the US Social Structure of Accumulation School, and the neo-Gramscian school, among others.
Michael Robert Kremer is an American development economist currently serving as University Professor in Economics at the University of Chicago and Director of the Development Innovation Lab at the Becker Friedman Institute for Research in Economics. Kremer formerly served as the Gates Professor of Developing Societies at Harvard University, a role he held from 2003 to 2020. In 2019, Kremer was jointly awarded the Nobel Memorial Prize in Economic Sciences, together with Esther Duflo and Abhijit Banerjee, "for their experimental approach to alleviating global poverty."
Deindustrialization is a process of social and economic change caused by the removal or reduction of industrial capacity or activity in a country or region, especially of heavy industry or manufacturing industry.
The O-ring theory of economic development is a model of economic development put forward by Michael Kremer in 1993, which proposes that tasks of production must be executed proficiently together in order for any of them to be of high value. The key feature of this model is positive assortative matching, whereby people with similar skill levels work together.
Cultural economics is the branch of economics that studies the relation of culture to economic outcomes. Here, 'culture' is defined by shared beliefs and preferences of respective groups. Programmatic issues include whether and how much culture matters as to economic outcomes and what its relation is to institutions. As a growing field in behavioral economics, the role of culture in economic behavior is increasingly being demonstrated to cause significant differentials in decision-making and the management and valuation of assets.
Gregory Clark is a British economic historian who worked mostly at University of California, Davis and is now the Danish National Research Council professor of economics at the University of Southern Denmark. He is known for his economic research on the industrial revolution and social mobility.
Labour in India refers to employment in the economy of India. In 2020, there were around 476.67 million workers in India, the second largest after China. Out of which, agriculture industry consist of 41.19%, industry sector consist of 26.18% and service sector consist 32.33% of total labour force. Of these over 94 percent work in unincorporated, unorganised enterprises ranging from pushcart vendors to home-based diamond and gem polishing operations. The organised sector includes workers employed by the government, state-owned enterprises and private sector enterprises. In 2008, the organised sector employed 27.5 million workers, of which 17.3 million worked for government or government owned entities.
Alvin Eliot Roth is an American academic. He is the Craig and Susan McCaw professor of economics at Stanford University and the Gund professor of economics and business administration emeritus at Harvard University. He was President of the American Economic Association in 2017.
Stock-flow consistent models (SFC) are a family of non-equilibrium macroeconomic models based on a rigorous accounting framework, that seeks to guarantee a correct and comprehensive integration of all the flows and the stocks of an economy. These models were first developed in the mid-20th century but have recently become popular, particularly within the post-Keynesian school of thought. Stock-flow consistent models are in contrast to dynamic stochastic general equilibrium models, which are used in mainstream economics.
Alison L. Booth is an Australian labour economist and novelist who is professor of economics at the Australian National University. She is the author of six novels. These are Stillwater Creek (2010), The Indigo Sky (2011), A Distant Land (2012), A Perfect Marriage (2018), The Philosopher's Daughters (2020) and The Painting (2021).
Hive Mind: How Your Nation's IQ Matters So Much More Than Your Own is a book by Garett Jones, published in 2015 by Stanford University Press. It explores the science behind the financial payoff of high Individual IQ and the related impact of thinking like a group. The book claims that a nation's average IQ is multiple times more important for the nation's prosperity than an individual's IQ is important for their overall prosperity. The logic is that collective IQ non-linearly improves a country's fortunes via multiple channels, such as better institutions, etc.
Tobias Thomas is a German economist and Director General of the Austrian Federal Statistical Office.
| International | |
|---|---|
| National | |
| Academics | |
| Other | |
