Benjamin Felt Jones is an American economist and professor at the Kellogg School of Management, Northwestern University. Jones's research is mainly focused on innovation and economic development. He has worked as an economic advisor in the U.S. Treasury and the White House.
After completing his Ph.D., Jones joined the Kellogg School of Management, becoming the Gordon and Llura Gund Family Professor in Entrepreneurship in 2014. He has been a courtesy member of Northwestern University’s political science department since 2005 and affiliated with the National Bureau of Economic Research since 2005. In 2013, he was appointed as Faculty Director of Kellogg Innovation and Entrepreneurship Initiative. He is also affiliated with the Brookings Institution. Jones served as the Senior Economist for Macroeconomics at the White House Council of Economic Advisers during 2010 and 2011.
Research and work
In the beginning of his career, Jones's research was focused on innovation, national leadership, and economic growth. Towards the late 2000s, his research expanded to consider how factors like climate and education impact the wealth and poverty of nations. The relationship between age and breakthrough innovations is another recurring topic in his research.
Burden of knowledge
In 2005, in a paper entitled 'The Burden of Knowledge and the 'Death of the Renaissance Man': Is Innovation Getting Harder?', Jones presented the Burden of Knowledge theory. This theory considers what happens if the advance of scientific and technological knowledge imposes an increasing educational burden on successive generations of innovators. This theory has been used to explain numerous shifts in the nature of innovation, including the rising age at which scientists and inventors make major contributions, rising specialization and teamwork in science and invention, and the increasing difficulty of advancing productivity growth in the economy.
Impact of climate on economic development
Another strand of Jones's research deals with the relationship between temperature and economic development. In this research, together with Benjamin Olken and Melissa Dell, Jones found that higher temperatures severely reduce economic growth in developing countries, lowering both agricultural and industrial output and provoking political instability, thus overall suggesting large negative impacts of higher temperatures on developing countries. However, in other work, Dell, Jones and Olken also found that a large part of the strongly negative impact of high temperatures on income may be offset by adaptation in the long run. These and other results are summarized and discussed in these authors' highly cited review of the economics of climate change, What Do We Learn from the Weather?
Jones's research has also focused on the role of human capital in explaining the wealth and poverty of nations. His work has disrupted a prior consensus, where researchers had concluded that human capital was of minor importance, and shown instead that human capital differences may explain several phenomena in world economy, including large portions of the vast gap in per-capita income between rich and poor countries.
