cupholder:
I think it's more likely for the simple reason that what earlier geniuses (like von Neumann etc.) did has already been done. To me, that implies the genius bar has been raised, in absolute terms, at least in the hard sciences and math.
That could well be the case. However, it fails to explain the lack of apparent genius at lower educational stages. For example, if you look at a 30 year period in the second half of the 20th century, the standard primary and high school math programs probably didn't change dramatically during this time, and they certainly didn't become much harder. Moreover, one could find many older math teachers who worked with successive generations throughout this period -- in which the Flynn IQ increase was above 1SD in many countries. If the number of young potential von Neumanns increased drastically during this period, as it should have according to the simple normal distribution model, then the teachers should have been struck by how more and more kids find the standard math programs insultingly easy. This would be true even if these potential von Neumanns have subsequently found it impossible to make the same impact as him because all but the highest-hanging fruit is now gone.
I would bet that the standouts you're talking about would have higher average IQ, but would not actually be 'exceptionally' high, because IQ doesn't correlate that well with success.
Yes, that's basically what I meant when I speculated that IQ might be significantly informative about intellectually average and below-average people, but much less about above-average ones. Unfortunately, I think we'll have to wait for further major advances in brain science to make any conclusions beyond speculation there. Psychometrics suffers from too many complications to be of much further use in answering such questions (and the politicization of the field doesn't help either, of course).
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Still, it's not like historical geniuses all grew up as pampered aristocrats left to pursue whatever they liked. Many of them grew up as poor commoners destined for an entirely unremarkable life, but their exceptional brightness as kids caught the attention of the local teacher, priest, or some other educated and influential person who happened to be around, and who then used his influence to open an exceptional career path for them. Thus, if the distribution of kids' general intelligence is really going up all the way, we'd expect teachers and professors to report a dramatic increase in the number of such brilliant students, but that's apparently not the case.
Moreover, many historical geniuses had to overcome far greater hurdles than having to chase grants and learn a lot before reaching competence for original work. Here I mean not just the regular life hardships, like when Tesla had to dig ditches for a living or when Ramanujan couldn't afford paper and pencil, but also the intellectual hurdles like having to become professionally proficient in the predominant language of science (whether English today or German, French, or Latin in the past), which can take at least as much intellectual effort as studying a whole subfield of science thoroughly.
So, while your hypothesis makes sense, I don't think it can fully explain the puzzle.
It could also be communications.
Many high intelligence situations involve disorders that also have as an effect anti-social behavior. Academia is highly geared against this in some cases going so far as to evaluate people's chances for success in a PhD based on their ability to form working relationships with a peer group during their MSc. Travel is easier and correspondence is far more personal.
Would the mathematicians of the past have been as interested in this model? Perhaps some of them were the type of people that were happy to correspond by mail but found communicating face to face awkward. This wasn't a big barrier to success in the past, but it is very difficult in modern academia (particularly with most positions in most fields being teaching + research).