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PRELIMINARIES ,[object Object],[object Object],[object Object],COMPLEXITY CHANGE CONFLICT SCARCITY = APPARENT CHAOS ? but things are NOT RANDOM there are PATTERNS ! WHY is the JOINT STOCK COMPANY so successful at WEALTH CREATION ?? CURIOUS there are many ways of ORGANISING activities why are some COMPANIES more successful than others? why are some MANAGERS more successful than others? can we LEARN from & IMITATE successful organisations? OPTIMISTIC the JSC is SURPRISINGLY successful success is not random there is a PATTERN take a DIFFERENT look at an old institution unusual insights emerge & lead to a better UNDERSTANDING BENEFICIARY LEARNING, INNOVATION and ASPIRING trying to understand the JSC WEALTH is important more CHOICES seem to result in less infant mortality VICTIM wealth creation isn’t easy WHO is tying our shoe laces together? who is to blame for this CONSPIRACY? STUDENT what is going on?? THERE’S NO USER MANUAL ! JSC

SCOPE ,[object Object],[object Object],BAFFLING DIVERSITY ! COMPLEXITY CHANGE CONFLICT SCARCITY ECONOMIC REALITIES SPECIALISATION SCALE SCIENCE SYNERGY IMITATION INVENTION INVESTMENT = LEARNING & INNOVATION ESSENTIAL CO-OPERATION SELF HELP - FAMILIES - PARTNERSHIPS - CHURCHES - CLUBS - SOCIETIES - VOLUNTARY GROUPS - PUBLIC AGENCIES or PRIVATE COMPANIES ? ? ? ? Providing - more CHOICES and more SYNERGIES for MASLOW’S INDIVIDUAL ASPIRATIONS - SURVIVAL SECURITY FRIENDSHIP INDIVIDUALITY ESTEEM FULL POTENTIAL from to WEALTH CREATION LEARNING & INNOVATION JSC

ISSUE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],MARKETS ? PLANNED DESIGN ? BOTTOM UP EVOLUTION OR TOP DOWN DESIGN ! JSC

THEME ,[object Object],[object Object],[object Object],KNOWLEDGE IGNORANCE TREACHERY CO-OPERATION ? NAÏVE TRUST AUTOMATIC RESPONSE TO PARASITES & PREDATORS ! LEGAL CONTRACTS UTOPIAN BLISS ‘ We are ignorant of what it is we do not know, even though we know more than we can ever say’ John Gray ‘ From the bowels of Christ, I beseech you, think that you may be mistaken’ Oliver Cromwell ‘ Organisations based on trust and good intentions are very fragile & easily invaded & exploited by opportunistic agents’ Oliver Williamson ‘ Evolutionarily stable strategies are stable because they are immune from treachery’ Richard Dawkins How do we organise co-operation?

SOURCES ,[object Object],[object Object],CREATIVE ACCOUNTANCY Kaplan, Pollard, Chandler BUSINESS STRATEGY Kirzner, Porter, Stacey MARKETING PRACTICE Lever, Hardy, Levitt TECHNOLOGY MANAGEMENT Rosenberg, Nelson, Ganguly ECONOMIC THEORY Smith, Ricardo, Solow, Romer PUBLIC CHOICE POLITICS Buchanan, Becker, Rubin PHILOSOPHY & HISTORY OF SCIENCE Popper, Kuhn, Wilson ORGANISATION STRUCTURES MacGregor, Akoff, Senge COMPLEX SYSTEMS Checkland, Ormerod, Holland EVOLUTIONARY PROCESSES Dawkins, Axelrod, Dennett HISTORICAL EVIDENCE Braudel, McNeill, Hicks ECONOMIC ANALYSIS Metcalfe, Wolf, Williamson CONTROL THEORY Ashby, Cziko, Rothschild NATURE of PROFIT Hayek, Baumol, Fukuyama SAFEGUARD of COMPETITION Friedman, Kirzner, North INDIVIDUALITY of REALITY Kant, Maslow, Pinker MAGIC of PROPERTY Coase, McGregor, Romer COMMON LAW Posner, De Soto, Ridley CULTURE Nozick, Novak, Diamond A DWARF ON THE SHOULDERS OF GIANTS !

STRUCTURE ,[object Object],[object Object],WEALTH MACHINE ,[object Object],[object Object],[object Object],[object Object],[object Object],ILLUMINATING REALITY ! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],JSC

THE JOINT STOCK COMPANY ,[object Object],[object Object],CORPORATE WEALTH JSC ! ENTREPRENEURS with for CUSTOMERS ADDING VALUE INVESTORS with INVESTMENT ENCOURAGED INNOVATION REWARDED ,[object Object],[object Object],[object Object],[object Object],DRIVEN by PROFIT and CONTRACTS for SUPPLIERS for EMPLOYEES PROFIT FROM PLEASING CUSTOMERS ! OWNED by SHAREHOLDERS CAPITAL IDEAS PROFIT !

THE WEALTH MACHINE ,[object Object],[object Object],THE MAGIC ROUNDABOUT ! SOURCES of FINANCE OWNERS LOANS DEBTORS CASH FACTORY STOCKS PROFIT COSTS FIXED ASSETS MATERIALS CASH POOL CREDITORS VARIABLE FIXED DIRECT INDIRECT DISTRIBUTION SALE ! TAX DIVIDENDS RETAINED PROFITS DEPRECIATION FINANCIAL ITEMS

THE BUSINESS ACCOUNTS ,[object Object],[object Object],CAVEAT EMPTOR ! RESOURCES IN WEALTH OUT CASH SALES ASSETS SUPPLIERS EMPLOYEES CUSTOMERS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

THE PROFIT & LOSS ACCOUNT ,[object Object],[object Object],SALE ! INCOME when EARNED when the deal is struck not when the cash flow in EXPENDITURE when INCURRED when committed not when the cash flows out the day to day transactions of the wealth machine involving a SURRENDER and a GAIN of a benefit culminating in the PROFIT & LOSS ACCOUNT BUY NOW PAY LATER ! INCOME COMING IN EXPENDITURE GOING OUT BALANCING across the SALE ! CASH SALES & DEBTORS STOCKS PROFIT COSTS MATERIALS CREDITORS VARIABLE FIXED DIRECT INDIRECT DISTRIBUTION TAX DIVIDENDS RETAINED PROFITS DEPRECIATION FINANCIAL ITEMS

THE BALANCE SHEET ,[object Object],[object Object],WHO PAYS HOW MUCH WHEN ? ASSETS what we have of VALUE FIXED for generating income CURRENT for funding stocks, debtors and cash LIABILITIES what we OWE to pay never = EQUITY to pay long term = DEBT RESERVES to pay next year = LOANS to pay this year = creditors dividends tax a snapshot of the balance culminating in the BALANCE SHEET OWNERS EQUITY DEBT DEBTORS & prepayments STOCKS PROFIT FIXED ASSETS - DEPRECIATION CASH CREDITORS & accruals SALE ! TAX DIVIDENDS RETAINED PROFITS FINANCIAL ITEMS GOODWILL OWN OWE DEFERRED INCOME PROVISIONS BALANCING across OWNERSHIP !

THE CASH FLOW STATEMENT ,[object Object],[object Object],CASH YOU CAN’T EAT PROMISES ! SOURCES of FINANCE OWNERS LOANS STOCKS PROFIT COSTS FIXED ASSETS MATERIALS CREDITORS VARIABLE FIXED DIRECT INDIRECT DISTRIBUTION SALE ! TAX DIVIDENDS FINANCIAL ITEMS CASH SALES & DEBTORS BALANCING across the CASH POOL ! DRIPPING IN ! LEAKING OUT ! when push comes to shove MARGIN & SPEED minus INVESTMENT = NET CASH FLOW with a little help from INVESTORS and BANKERS PROFIT is good but NO CASH NO BUSINESS !!

BUSINESS STRATEGY ,[object Object],[object Object],REVENUE COSTS PROFIT VOLUME ££’ss MARGIN SPEED ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],JUGGLING WITH COMPLEXITY ! PRICE

PRICES ,[object Object],[object Object],WHAT DO WE DO BETTER THAN OUR COMPETITORS ? CONSIDER or but ....... but ...... RISK of MARKETING MYOPIA? RISK to EXCELLENCE? YESTERDAYS PRODUCT? JACK of all TRADES MASTER of NONE? How to SECURE & ADVANTAGE CONSIDER - LEADERSHIP  SUBSTITUTES ?  VOLUME  IMITATION ? PROFIT  CUSTOMER LOYALTY ?  SUPPLIERS ?  SUPPORT SERVICES ?  DISTRIBUTION ?  REGULATION ?  ACQUISITION of SKILLS FOCUSED EXPERTISE SKILLS FULLY UTILISED DIVISION of LABOUR PRACTISE MAKES PERFECT ! MARKET NICHE? BROAD MARKET? HIGHER PRICES ? SPECIALISE !! INNOVATE !!

COSTS ,[object Object],[object Object],KEEP IT SIMPLE STUPID ! ‘ Hawthorn’ effect bureaucracy relentless increase & restructuring ££’s % waste ££’s ££’s ££’s ££’s ££’s PARADOX INDIRECTS COMPLEXITY VARIETY attention - effort - focus time simple continuous LEARNING CURVE complex intermittent PARETO frequency cumulative volume vital few COST REDUCTION - SIMPLICITY - SCIENCE - INNOVATION - INVESTMENT - DESIGN - AUTOMATION - SIZE REDUCTION - SEPARATION - RESTRUCTURING - RIGHT FIRST TIME etc etc time number of varieties

VOLUME ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],THE BIGGER THE BETTER ! volume local / national / international / global development maturity decline growth star cow problem dog Technology critical - innovate? find the niche? market research? Capacity critical - invest? advertise? promote? Costs critical - milk? relaunch? drive down the learning curve? Profit critical - divest? acquisition?

MARKETING TASKS ,[object Object],[object Object],CUSTOMER VALUE DECISION COMPETITION? PRICE? QUALITY? SERVICE? SPECIALISATION COSTS VOLUME ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],THE CUSTOMER IS KING ! COMPETITORS are PACE SETTERS NOT WINNERS! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

QUALITY ,[object Object],[object Object],[object Object],[object Object],[object Object],QUALITY PRICE (NOT COST) VALUE NEVER BEST CHANCE MORE VOLUME BUT TOTAL REVENUE ? ALWAYS RISKY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],VALUE FOR MONEY ! STANDARD QUALITY AT A DISCOUNT BUT IS IT JUST A COMMODITY ? GOOD QUALITY AT A PREMIUM BUT WILL THEY PAY THE PRICE ? volume advertising spend ££ saturation voice unheard in the market place effective spend

COMPETITIVE ADVANTAGE ,[object Object],[object Object],FIRST PAST THE POST ! ,[object Object],[object Object],[object Object],[object Object],[object Object],TESTS MARKETS WINNERS INVESTMENT RESPONSE CUSTOMER DECISIONS PRICE QUALITY SERVICE INFO COMPETITORS SET POINT Quality Service Price index we’re ahead ! oh dear ! steady improvement ?! them us

SERVICE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],RESPOND ! diminishing returns they don’t like the product ! small discounts big incentives 5% 4% 3% 2% 1% 0 loyal customers

TECHNOLOGY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],MORE & MORE FROM LESS & LESS ! JSC ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],TECHNOLOGICAL INNOVATION ! GLOBALISATION !

PRODUCTS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],A BETTER MOUSE TRAP ! INNOVATION FUNNEL SELECT FEW REACH the MARKET MANY MANY IDEAS BUZZ AROUND PROJECTS COMPETE for SCARCE RESOURCES & MOST FAIL from RESEARCH thru DEVELOPMENT to MARKET

PRODUCTION ,[object Object],[object Object],RESPONSIVENESS ! A COMPLEX INTERACTIVE LOGISTICAL SYSTEM PROCUREMENT OPERATIONS DISTRIBUTION SALE! STORE STORE STORE PRE-PROCESS MACHINES SUB ASSEMBLY ASSEMBLY/PACKING CUSTOMERS SUPPLIERS INFORMATION SERVICES ENERGY LABOUR FIXED ASSETS MATERIALS INPUTS & COSTS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],CONTINUOUS IMPROVEMENT !!

PEOPLE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],PERSONAL PORTFOLIOS OF SPECIALIZED SKILLS ! BETTER MODEL BEST OPTION AVAILABLE AT THE TIME INNOVATIVE UNDERSTANDING EVIDENCE OF OUTCOMES CREATIVE INNOVATIVE EXPERIMENT LEARNING PROBLEM ,[object Object],[object Object],[object Object]

COMPLEXITY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],PATTERNS EMERGE IT IS NOT RANDOM !! EFFECTS ARE THE CAUSE ! THE PRODUCTIVITY PARADOX

COMPLEX SYSTEMS ,[object Object],[object Object],[object Object],SERENDIPITY ! EMERGENT PATTERN unexpected FEEDBACK FEEDBACK UNINTENDED CONSEQUENCES UNEXPECTED RESPONSES LOCAL ACTIVITY simple rules of behaviour CO-OPERATION EMERGES from LOCAL ACTIVITY in the JSC ! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

CHANGE ,[object Object],[object Object],[object Object],ENTANGLED IN RED TAPE ! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],SALE !! CUSTOMERS THE WHEEL FELL OFF

EVOLUTIONARY PROCESSES ,[object Object],[object Object],[object Object],WASTE NOT WANT NOT ! SURVIVAL EFFICIENCY MUTATION RATE CHAOS STAGNATION the EDGE of CHAOS = CREATION = the EMERGENCE of ORDER ! EXTINCTION EXTINCTION 1 - SELF REPLICATION = dna inexorable repetition 2 - RANDOM MUTATIONS = opportunities to progress 3 - DEVELOPMENT = influences in the environment 4 - NATURAL SELECTION = effects on the gene frequency ECONOMIC REALITIES = SPECIALISATION, SCALE, SYNERGY, SCIENCE, IMITATION, INVENTION, INVESTMENT 2 + 2 = 5 ECONOMIC SYNERGIES SURVIVE ALTERNATIVE STRATEGIES DIE OUT ENVIRONMENTAL DEVELOPMENT & DIFFERENTIAL SURVIVAL SPONTANEOUS CO-OPERATION DISCOVERY & IMMUNITY SPECIALISATION & NICHES TRIAL & ERROR DIVERSITY & REPLICATION

CONFLICT ,[object Object],[object Object],[object Object],IT’S THE ECONOMY STUPID ! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

HISTORICAL EVIDENCE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],PATTERNS FROM THE PAST !

SCARCITY ,[object Object],[object Object],[object Object],THERE’S NO FREE LUNCH ! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

ECONOMIC REALITIES ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],PLAY THE GAMES !

ECONOMIC ANALYSIS ,[object Object],[object Object],THE BLIND WATCHMAKER ! ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

SATISFICING ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],A GARDEN OF FORKING PATHS !

SUPPLY & DEMAND ,[object Object],[object Object],DEMAND SUPPLY MARGINAL UTILITY OPPORTUNITY COST GLUTS QUEUES PRICE QUANTITY PRICE TOO HIGH - LOW DEMAND OVER SUPPLY PRICE TOO LOW - EXCESS DEMAND INADEQUATE SUPPLY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],INNOCENT SIGNALS !

COMPARATIVE ADVANTAGE ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],GUNS or BUTTER !

TOTAL FACTOR PRODUCTIVITY ,[object Object],[object Object],In 1957 Robert Solow used 'growth accounting' mathematics to analyse historical GDP data and identified the overwhelming importance of a residual, ‘total factor productivity’, in securing growth and NOT the Neo-classical endogenous input variables capital (resources) and labour (effort). Solow defined ‘total factor productivity’ as technological innovation, 'know how‘, understanding and practice. change due to technology change due to capital OUTPUT k1 k2 CAPITAL per LABOUR unit 2000 1950 O2 Ok O1 MONEY IS NOT A PROBLEM !

ENDOGENOUS GROWTH ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],A LEG UP NOT A HAND OUT ! !

WHY MARKETS ? ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],MARKET FORCES !

WHY JOINT STOCK COMPANIES ? ,[object Object],[object Object],OWNERS CUSTOMERS SUPPLIERS EMPLOYEES HIGH PROFITS LOW PRICE HIGH QUALITY HIGH PRICES SECURE CONTRACTS HIGH WAGES SECURE JOBS ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],BREAKOUT ! JSC

THE CONTROL MODEL ,[object Object],[object Object],RESOURCES IN 2nd law costs WEALTH OUT unknowable outcomes SCARCITY COMPLEXITY CHANGE ALGORITHM SET POINT SYSTEM SENSOR ACTUATOR BARGAIN PRICES - INFORMATION COMPETING ALTERNATIVES - DIVERSITY OWNERSHIP RESPONSES - PERSONAL RISK / REWARD PROFILES SPECIALISATION SCALE SYNERGY SCIENCE IMITATION INVESTMENT INNOVATION CUSTOMER VALUE JUDGEMENTS - CHOICES BEST PERCEIVED OPTION AVAILABLE AT THE TIME CONFLICT HANDS OFF ! ,[object Object]

THE NATURE of PROFIT ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],UNFAIR & UNJUST !

THE SAFEGUARD of COMPETITION ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],PRODUCERS CUSTOMERS EVERYONE LIKE IT OR LUMP IT – VOTE WITH YOUR FEET !

THE INDIVIDUALITY of REALITY ,[object Object],[object Object],FOOD SEX SHELTER FRIENDSHIP ESTEEM FULL POTENTIAL INDIVIDUALITY EVERYONE has a DIFFERENT POSITION at DIFFERENT TIMES for DIFFERENT REASONS the cause of all CONFLICT the source of all CREATIVITY MONEY gives some OPTIONS & INDEPENDENCE but doesn’t help with DECISION MAKING CULTURE gives some GUIDANCE but doesn’t help with PERSONAL DECISIONS INDIVIDUALITY & INDEPENDENCE are about PERSONAL CHOICES SECURITY MASLOW’S HIERARCHY ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],INDIVIDUALITY !! MY HUMBLE CONTENTION !

THE MAGIC of PROPERTY ,[object Object],[object Object],RESOURCES CONTROLLED by their OWNERS for BENEFIT or SALE tend to be & EFFICIENT use of SCARE RESOURCES REDUCING WASTE & DEPLETION and CREATING VALUE In excess of COSTS The NATURAL EVOLUTION of the extended phenotype BIOLOGY BEHAVIOUR TOOLS PROPERTY each is an extension of genetic inheritance each addition is painfully acquired through & PRIVATE PROPERTY Is not forced on people if greater benefits are perceived collective ownership will thrive OWNERSHIP BEHAVIOUR CREATES WEALTH OWNERSHIP IDENTITY IS IRRELEVANT … unfortunately all property becomes a target for parasites and predators and must be defended if it is to exist … INVESTMENT EFFORT ENHANCED PRESERVED THE TRAGEDY OF THE COMMONS !

WEALTH CREATING ACTIVITIES ,[object Object],[object Object],SPECIALISATION - focus education & training to acquire better skills which can be offered for sale SCALE - more volume lower cost - drive down the learning curve SCIENCE - scientific problem solving ‘know how’ is massively & increasingly available to all SYNERGY - experiment to find the emergent 2 + 2 = 5 synergies they can’t be predicted they must be discovered IMITATION - copy successful practice there’s no better place to start INNOVATION - make a better mouse trap & the world will beat a track to your door INVESTMENT - sacrifice some of today’s pleasurable consumption & tomorrow will be better There is no secret economic activities are well understood but organisation is necessary as the co-operation of strangers is essential - here’s the rub - how do we organise the activities of countless SPECIALISING agents on an ever increasing SCALE with ever more disparate knowledge ?? Co-operations EVOLVES in ROBUST institutions - NO ONE SAID IT WAS EASY ? JSC SATISFICING !!

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