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This is related, but not the research talked about. The Terman Project apparently found that the very highest IQ cohort had many more patents than the lower cohorts, but this did not show up as massively increased lifetime income.
http://infoproc.blogspot.com/2011/04/earnings-effects-of-personality.html
Unless we want to assume those 4x extra patents were extremely worthless, or that the less smart groups were generating positive externalities in some other mechanism, this would seem to imply that the smartest were not capturing anywhere near the value they were creating - and hence were generating significant positive externalities.
EDIT: Jones 2011 argues much the same thing - economic returns to IQ are so low because so much of it is being lost to positive externalities.
Perhaps economic returns to IQ as so low because there are other skills which are good for getting economic returns, and those skills don't correlate strongly with IQ.