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Garett Jones

From Wikipedia, the free encyclopedia

Garett Jones
close-up of Garett Jones wearing a light blue checkered shirt and a tan checkered jacket, grinning directly at camera, which he appears to be holding, with younger person to the left, partly out of frame; US Capitol is in background
Jones in 2024
Born (1970-04-06) April 6, 1970 (age 56)
Academic work
DisciplineEconomics
Website

Garett Jones (born April 6, 1970)[1] is an American economist and author. His research pertains to the fields of macroeconomics, monetary policy, IQ in relation to productivity,[2] short-term business cycles, and economic development.[3] He is a professor at George Mason University[3] and has held the BB&T Professorship for the Study of Capitalism at the Mercatus Center.[4][5]

Early life and education

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Jones has written that he was raised as a Mormon but left the church as a young adult.[6] His grandmother was Jewish.[7] 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.[3]

Academic career

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After holding a number of visiting scholar and other academic positions, Jones joined the faculty of George Mason University in 2007.[8]

He served on the editorial board of the Journal of Neuroscience, Psychology, and Economics from 2011 to 2018.[8]

Research on IQ and its role in productivity and economic growth

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In a 2006 paper with W. Joel Schneider, Jones reported that national average IQ was a statistically significant explanatory variable in cross-country regressions of economic growth, using data from Richard Lynn and Tatu Vanhanen's IQ and the Wealth of Nations.[9] In Hive Mind, Jones contrasted the modest association between individual IQ and earnings with the much larger association between national average IQ and prosperity.[10]

Jones' further research has been on identifying the causal mechanisms by which IQ might affect productivity and economic growth at a national level.[10] One mechanism posited by Jones is that smarter groups tend to be better at arriving at and enforcing norms of cooperation. Jones has used a meta-analysis of repeated prisoner's dilemma experiments, combined with universities' average SAT scores, to offer support for this hypothesis.[11] In a repeated stag hunt experiment, Jones and his coauthors found that patience predicted coordination and payoffs, while cognitive ability had no statistically significant effect on outcomes.[12]

Jones has argued that, in his model, certain sectors requiring very high quality work and with very low error-tolerance depend on high-skilled workers, because in such sectors, it is not possible to replace a single highly skilled worker with multiple less-skilled workers and achieve the same output. Building on O-ring theory, Jones calls 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.[13][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.[14]

Research on money

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Some of Jones' research has focused on the role of money and monetary policy.[15][16] He has also proposed "speed bankruptcy", involving debt-to-equity conversions to recapitalize failing financial institutions.[17]

Books

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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.[18] It was released in November 2015 by Stanford University Press.[19] Reviewing the book in Governance, Fred Thompson praised its clarity but criticized its limited treatment of social segregation and migration.[10]

He was the editor of the book Banking Crises: Perspectives from The New Palgrave Dictionary of Economics (2015; e-book 2016), produced for The New Palgrave Dictionary of Economics.[20]

In 2015, Jones gave a presentation titled 10% Less Democracy: How Less Voting Could Mean Better Governance.[21] His book 10% Less Democracy: Why You Should Trust Elites a Little More and the Masses a Little Less was published in February 2020.[22]

In November 2022, Jones published The Culture Transplant: How Migrants Make the Economies They Move to a Lot Like the Ones They Left.[23][24] His books Hive Mind, 10% Less Democracy, and The Culture Transplant form his "Singapore Trilogy".[25]

Media appearances

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Jones was a guest blogger for EconLog from September 2012 to April 2013.[8] He has given his opinion on macroeconomic policy and financial crises on CNBC and in other media.[26][27]

References

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  1. ↑ "Jones, Garett (1970–...)". Catalogue général de la Bibliothèque nationale de France (in French). Retrieved September 24, 2026.
  2. ↑ Caplan, Bryan (June 22, 2007). "Garett Jones: A Very Intelligent Economist on Economics and Intelligence". The Economist.
  3. 1 2 3 "Garett Jones". George Mason University. Retrieved September 24, 2026.
  4. ↑ "Garett Jones". Retrieved January 30, 2013.
  5. ↑ "Garett Jones". Mercatus Center. Retrieved September 24, 2026.
  6. ↑ Jones, Garett. "He Now Refers to Himself as a Post-Mormon". Recovery from Mormonism.
  7. ↑ Jones, Garett (2022). The Culture Transplant: How Migrants Make the Economies They Move to a Lot Like the Ones They Left. Stanford, California: Stanford University Press. p. 11. ISBN 978-1-5036-3294-3.
  8. 1 2 3 Jones, Garett (February 2020). "Curriculum Vitae" (PDF). Retrieved September 24, 2026.
  9. ↑ Jones, Garett; Schneider, W. Joel (2006). "Intelligence, Human Capital, and Economic Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach" (pdf). Journal of Economic Growth. 11 (1): 71–93. doi:10.1007/s10887-006-7407-2. ISSN 1381-4338. JSTOR 40216088. S2CID 14646928.
  10. 1 2 3 4 Thompson, Fred (2016). "Hive Mind: How Your Nation's IQ Matters So Much More than Your Own". Governance. 29 (4): 584–586. doi:10.1111/gove.12239.
  11. ↑ Jones, Garett (2008). "Are smarter groups more cooperative? Evidence from prisoner's dilemma experiments, 1959–2003". Journal of Economic Behavior & Organization. 68 (3–4): 489–497. doi:10.1016/j.jebo.2008.06.010. ISSN 0167-2681.
  12. ↑ Al-Ubaydli, Omar; Jones, Garett; Weel, Jaap (2013). "Patience, cognitive skill, and coordination in the repeated stag hunt". Journal of Neuroscience, Psychology, and Economics. 6 (2): 71–96. doi:10.1037/npe0000005. ISSN 2151-318X.
  13. ↑ Jones, Garett (2013). "The O-ring sector and the Foolproof sector: An explanation for skill externalities" (PDF). Journal of Economic Behavior & Organization. 85: 1–10. doi:10.1016/j.jebo.2012.10.014. ISSN 0167-2681.
  14. ↑ Jones, Garett (2011). "IQ and national productivity" (PDF). The New Palgrave Dictionary of Economics. pp. 1–17. doi:10.1057/978-1-349-95121-5_3004-1. ISBN 978-1-349-95121-5.
  15. ↑ Hafer, R. W.; Haslag, Joseph H.; Jones, Garett (2007). "On money and output: Is money redundant?". Journal of Monetary Economics. 54 (3): 945–954. doi:10.1016/j.jmoneco.2005.06.004.
  16. ↑ Hafer, R. W.; Jones, Garett (2008). "Dynamic IS curves with and without money: An international comparison". Journal of International Money and Finance. 27 (4): 609–616. doi:10.1016/j.jimonfin.2008.02.005.
  17. ↑ Jones, Garett (2010). "Speed Bankruptcy: A Firewall to Future Crises". Journal of Applied Corporate Finance. 22 (3): 73–84. doi:10.1111/j.1745-6622.2010.00292.x.
  18. ↑ Jones, Garett (2015). Hive Mind: How Your Nation's IQ Matters So Much More Than Your Own. Stanford, California: Stanford University Press. ISBN 978-0-8047-8596-9.
  19. ↑ "Hive Mind". Stanford University Press.
  20. ↑ Jones, Garett, ed. (2016). Banking Crises: Perspectives from The New Palgrave Dictionary of Economics. Palgrave Macmillan UK. doi:10.1057/9781137553799. ISBN 978-1-137-55379-9.
  21. ↑ Jones, Garett (February 24, 2015). "10% Less Democracy: How Less Voting Could Mean Better Governance" (PDF). George Mason University. Retrieved April 6, 2017.
  22. ↑ "10% Less Democracy". Stanford University Press.
  23. ↑ "The Culture Transplant". Stanford University Press.
  24. ↑ Jones, Garett (2022). The Culture Transplant: How Migrants Make the Economies They Move to a Lot Like the Ones They Left. Stanford University Press. doi:10.1515/9781503633643. ISBN 978-1-5036-3364-3.
  25. ↑ "Garett Jones". Center for Study of Public Choice.
  26. ↑ "Garett Jones discusses the Financial Crisis in Europe on CNBC Asia". Mercatus Center. June 26, 2012. Archived from the original on June 30, 2013. Retrieved January 30, 2013.
  27. ↑ "Media Clippings by Garett Jones". Mercatus Center. Archived from the original on March 29, 2013. Retrieved January 30, 2013.
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