How to make Nobel laureates

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 […]