Knowledge and markets

An economy is a coordinated system of distributed knowledge. Economic evolution occurs as knowledge grows and the structure of the system changes. This paper is about the role of markets in this process. Traditionally, the theory of markets has not been a central feature of evolutionary economics. This seems to be due to the orthodox view of markets as information-processing mechanisms for finding equilibria. But in economic evolution markets are actually knowledge-structuring mechanisms. What then is the relation between knowledge, information, markets and mechanisms? I argue that an evolutionary theory of markets, in the manner of Loasby (1999), requires a clear formulation of these relations. I suggest that a conception of knowledge and markets in terms of a graphical theory of complex systems furnishes precisely this.

A retrospective analysis of leadership development through sport

The purpose of this study was to examine the development of six leader-athletes. In-depth qualitative interviews were used to explore the various activities that leader athletes engaged in from an early age as well as the roles and influences that peers, coaches, and parents played within these activities. Results indicated that leadership development in sport focused on developing four central components: high skill, strong work ethic, enriched cognitive sport knowledge, and good rapport with people. The types of activities engaged in throughout development as well as receiving feedback, acknowledgement, support, cognitive engagement, mature conversations with adults, and physical encounters with older peers are important social influences that can play an instrumental role in the formation of these four central tenets.