wave of proposals by economists and others to promote innovations and governance. Their
analysis suggests that the likely success of such efforts depends on the ability (and incentives) of
policymakers to implement these proposals in a way that promotes economic investment and
growth.
In the final essay, Ben Jones considers the impact of the changing nature of scientific research
and technological innovation on science policy. Jones is motivated by the dynamic nature of
scientific research - as science progresses over time, the investment required by young
researchers to reach the “frontier” of science increases. The direct effect of the “burden of
knowledge” is to increase the time required to become an innovator, and Jones presents striking
evidence that there is an upward shift over time in the age distribution of discovery and
innovation. Researchers can attempt to overcome the burden of knowledge in several ways,
most notably by increasing their level of specialization (i.e., developing mastery over a narrower
range of knowledge) which in turns increases the returns to collaboration and teamwork.
Jones then considers the impact of the changing nature of science on science policy, focusing on
three central issues: (a) maintaining incentives to enter scientific careers even as the training
phase extends, (b) ensuring effective evaluation of ideas as evaluator expertise narrows, and (c)
providing appropriate effort incentives as scientists increasingly work in teams. Jones considers
the potential impact of alternative policies (across a range of institutions) to address these issues.
For example, while the individualistic nature of traditional science prizes (such as the Nobel
Prize) may have been particularly appropriate when most scientific research was solo-authored,
now team-based science is both more prevalent and impactful. Should the rules and design of
the Nobel Prize be changed to adapt to these changes in the structure of scientific research?
Together, these essays continue to highlight the important of economic theory and empirical
analysis in innovation policy analysis. While the issues involved are undoubtedly difficult, the
chapters in this year’s volume suggest that contemporary research in economics informs the
evaluation of current and prospective innovation policy alternatives.