In 1982, the Department of Economics at the University of Minnesota became the research headquarters of four professors who changed economic theory. Perhaps that would not be such a salient story for innovation, were it not because Minnesota was a public university, located in a place better known to corn and soy farmers, and far from the usual scenarios of extraordinary scholarly achievement. This was not a case of overnight success. In fact, as is the case with most “overnight successes,” this one took years to evolve. It required a singular mix of personal leadership, commitment to rigorous academic training, impeccable team selection, and setting the right motivations for the team to work. Twelve years before, in 1970, the Department […]
How to make Nobel laureates
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