Viliam_Bur comments on Division of cognitive labour in accordance with researchers' ability - Less Wrong
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But you should consider that Einstein spend that year with his wife Mileva Marić who was also a physicist at a time where woman where woman had trouble finding acceptance in the scientific community. The two agreed that the Mileva should get the money from the Nobel Prize.
I don't think it's useful to explain what Einstein published in 1905 as the work of a single person.
It also useful to note the environment in which Einstein did his work. He was not employed in academia. Einstein was not earning five times as much money as an "unproductive professor". If anything he was earning less money in 1905 where he was most productive than later when he had a well paid professorship.
If you want to have more people like Einstein it would make much more sense to push guaranteed basic income to avoid top talent from having to take a formal job and let those people focus on their research while their basic living expenses are payed.
A lot of influential papers are considered uninteresting at the point of which they are published.
Being original isn't hard. The difficult thing is being original in a productive fashion.
If you reward people for being original you encourage reinvention of ideas under new names instead of citing existing work.
If you could make a good estimate of young Einsteins, it would be enough to pay the basic income to the selected talented people. And it does not even have to be forever. You could just offer to pay them basic income for 10 years; and when it is 5 years till the end, evaluate them again, and if they still pass your filter, extend the time for another 5 years; possibly repeatedly. (And they can still try academia when your scholarship expires.)
In some sense Yudkowsky has such a deal with Peter Thiel. And Yudkowsky is not the only person that Thiel supports in such a way.
But I think that estimating young Einsteins is a very hard problem.
“I can only speak for myself. Unlike most people, I don’t “work” at all, in the sense of doing anything with the conscious goal of making money. All I do is think about what interests me, and discuss the results of that thinking with other people. As long as governments (and philanthropists like Mike Lazaridis) are willing to pay me for my non-work, I’m happy to take their money. If they ever stop paying me, I guess I’ll have to find some other source of income.” -- Scott Aaronson
This is exactly what academia is supposed to be, and it doesn't work. (Notably, it didn't work for Einstein, who didn't get let in until 1908.)
People are very, very bad at recognizing genius.
This isn't true. Until 1905, Einstein was a graduate student (a very junior "insider"). He was still under 30 in 1908 when he was given a lectureship, which is a pretty plausible age to be given a teaching appointment. So that's three years spent outside the academy; not so very long.