There’s Still Hope for Foss and Klein
| Peter Klein |
Psychologists have not considered wisdom and creativity to be closely associated. This reflects their failure to recognize that creativity is not exclusively the result of bold discoveries by young conceptual innovators. Important advances can equally be made by older, experimental innovators.
That’s from the newest paper in David Galenson’s art history series, “Wisdom and Creativity in Old Age: Lessons from the Impressionists.” I notice the SSRN page has the title misspelled as “Wisom,” suggesting an old person typed it in.
Turning to entrepreneurship, there’s a common myth that entrepreneurial creativity declines sharply after age 30 but little systematic evidence for this. Given a suitably broad concept of entrepreneurship (i.e., not simply the establishment of new companies), we might expect entrepreneurial ability to increase with age and experience. Indeed, looking even at the conventional definitions, we find that the likelihood of self-employment and the probability of new-venture success are positively correlated with age and business experience (see Parker 2004 for details).