Again big word. I was reading a book named inside the economist's mind, a book which includes the interviews of prominent economists of the century. Most of them are noble prize laurate e.g. Paul Samuelson, Milton Friedman, Franco Modigliani, Stanley Fisher and many more to name. When i was reading the book i came to know that almost all of them are the product of so called elite universities such as Harvard University, Stanford, University of Chicago, MIT, Yale University, Columbia and many more to name.
There are lot of business schools like Insead in France, HHL in Germany, Technical University of Munich in Germany, HEC in France, IMD in Switzerland, Oxford in UK, etc. But most of the economists are from US universities not from other universities. All breakthrough ideas and theories are from US economist and many are Nobel laurates. Other developed countries also have money, capable universities, research institutes but less breakthrough ideas in economics.
I think it is because of research freedom and money. But major reason is the brand name of these universities where all people want to go and only brilliant have access. If you teach brilliant people then ofcourse you will get innovative ideas and theories.
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It also is interesting to notice that many were not born in America. For example, in your list of four, two were not born in America: Modigliani and Fischer. Also one did not get his PhD in America: Modigliani. Since the Second World War, there has been a continuing academic "brain drain" to American universities from much of the rest of the world.
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