ANSWER
When considered broadly, the concept of economies involves systems. That is the context for this article’s discussion of Leadership. LEh (Leadership Economics) identifies and defines
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The leadership economy’s dynamics demonstrate how those elements contribute to and interact to achieve organizational outcomes. Scholarly research on the economy’s fundamentals supports and is the foundation for understanding Leadership Economics.
Furthermore, Christian theological evaluation supplements the discussion about the practical application of Leadership Economics, giving this model more substance.
Leadership Economics aims not to provide yet another definition of Leadership or propose new leadership principles. Instead, the goal of Leadership Economics is to define the means of Leadership.
Leadership Economics concerns how leaders transition organizations from definitions and principles to outcomes.
Leadership Economics is positioned in the middle of the leadership spectrum. That is, between the definitions of what Leadership is on the one hand and the goals of Leadership on the other. Most of what is written about Leadership is either about the definition of Leadership or what Leadership works to achieve.
The discussion that this work invites the reader to consider aims to stimulate further research and exploration into the workings of the Leadership dynamic, the genuine territory between definitions and outcomes. In a nutshell, Leadership Economics is concerned with: HOW; how does the Journal of Transformative Innovation operate?
Leadership Economics Journal of Transformational Innovation, Fall 2018, Vol. 3 Iss. 2, pp. 40-45
Leaders from the 2018 Regent University School of Business & Leadership: Do they lead? How do leadership principles work, allowing leaders to understand better and apply those dynamics, resulting in more effective organizational performance?
Hypothesis
The essence of Leadership Economics is the belief that specific, identifiable, constant realities exist within the leadership reality that, when pursued and applied systematically, will result in the ability to lead in ways that aid in achieving desired outcomes.
These realities are distinct, definable operants that can be identified within the leader/follower dynamic.
The functionalities proposed here are not recent discoveries or insights. They are relatively well-known components of the leadership paradigm. Leaders and followers who work together intentionally and purposefully within the functioning of the economy defined by these dynamics can expect to achieve their goals with certainty.
The relationship between the leader and the follower[s] is at the heart of Leadership Economics; relationships are and must be at the heart of any leadership effort. Trust is the next consideration after relationships are established. Influence follows trust. Humility is the final component of the leading economy. The essence of Leadership Economics is comprised of these four attributes, which operate sequentially as prescribed.
According to this theory, relationships, trust, influence, and humility are the foundational building blocks upon which Leadership is built and operates. Furthermore, each of these elements can be defined and understood in and of itself, allowing for a systematic, dependent, and corresponding approach to exercising effective Leadership.
The Leadership Economics model’s attributes are known, and the sequential construct suggested by this theory can be understood and applied. To that end, the purpose of this work is to spark debate.
Economics
The use of economics as a backdrop to the Leadership Economics idea stems partly from Canadian economist Jim Stanford’s suggestion that economics is concerned with how things work, specifically how organizations work. Interestingly, some of the earliest studies of economic concepts dated back to the mid-1800s and dealt with the “study of human behaviour,” according to Robert Schiller, distinguished Yale professor of economics. Consequently, Stanford argues that an understanding of economics principally attempts to define, evaluate and predict \s”interactions and relationships between people”. With this in mind, the concept of economics is applied to the leadership model under consideration in this article.
For the economic evaluation, understanding people, their behaviours, and the influences contributing to a system in question is required. In a discussion about the study and teaching of economic principles, Floyd Bond wrote, quoting Lew Wagner, that economics is about “those concepts and relationships which serve to organize and tie together” the functionalities that define an economy. The focus of economics is then on relationships and the choices that work to influence and define those relationships rather than any particular outcome that may be desired.
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Leadership Economics Journal of Transformational Innovation, Fall 2018, Vol. 3 Iss. 2, pp. 40-45
Regent University School of Business & Leadership, 2018.
Relationships
Relationships are the foundation of Leadership; they are at the heart of all leadership realities.
The concept of relationships, at its core, anticipates a type of association, that is, a connection between things. In the case of Leadership, the connection primarily concerns the leader and the follower (s). Everything about Leadership depends on how much effort those involved put into relationships.
When discussing Leadership and the importance of relationships, Ed Weymes, Associate Dean at The University of Waikato in New Zealand, believes that “one cannot occur without the other.” Weymes argues that the most challenging aspect of Leadership is establishing relationships.
Relationships are not only fundamental to leadership principles; they are where Leadership begins. Relationships are “the energy that fuels leadership,” according to Mark McCaslin, former Assistant Professor at the University of Idaho. Simply put, Leadership begins with relationships, regardless of the application.
Given that Leadership begins with relationships, leaders must understand them. According to Stefan Klaussner, Visiting Professor at the European University Viadrina in Germany, relationships can be defined. The point is that they do not exist in simple linear terms and operate in a fluid state. Those who lead must understand the nuances of relationships and their complexities. This fact is brought to the reader’s attention to emphasize the critical nature of relationships within the Leadership Economics theory.
Finally, when it comes to relationships, it is worth noting that they are not a one-way street, with the leader bearing sole responsibility, but instead require two-way effort. According to Jane Howell and Boas Shamir, writing in the Academy of Management Review, the onus on relationships within the leadership continuum falls on all parties involved, not just the leader. As a result, it is reasonable to argue that Leadership cannot exist in a vacuum without relationships. The leadership economy begins with relationships, but successful Leadership necessitates more than relational effectiveness.
Trust
Speaking about Leadership, David Elrod, a former finance director at Microsoft, contends that trust is a necessary quality. Furthermore, in light of the Leadership Economics model, Chughtai, Byrne, and Flood write in the Journal of Business Ethics that the realization of trust depends on relationships. In the most basic sense, trust cannot be realized apart from relationships. The evidence is clear on this point.
When defining trust, the Oxford English Dictionary asserts that trust, by definition, anticipates reliance, confidence, or faith in some quality or attribute of another. This demonstrates the importance of relationships in the establishment of trust.
According to Xiaojun Lu of Shanghai Jiao Tong University in China, trust must be realized and earned over time. Indeed, in their book Journal of Transformative Innovation, Meister, Green, and Galford state.
Leadership Economics Journal of Transformational Innovation, Fall 2018, Vol. 3 Iss. 2, pp. 40-45
Regent University School of Business & Leadership, 2018.
The Trusted Advisor promotes the notion that the longer a relationship exists, the more beneficial it can contribute to trust. Time, however, is not the only factor contributing to developing trust in relationships. According to Chughtai, Byrne, and Flood, trust is a subjective function that varies significantly in qualitative and quantitative terms.
Aside from time, various scholars, including those already mentioned in this article, contend that proximity, consistency, and the reciprocating nature of relationships, to name a few, are all factors that influence trust. In other words, trust does not happen by itself. It results from numerous complex and diverse elements, all of which are rooted in relationships in some way. Klaussner, as previously stated, states unequivocally that relationships and trust exist in a symbiotic relationship. Surprisingly, these two functions only move organizations on their own. A subsequent, integral dynamic within the leadership economy is required for organizations to achieve their goals.
Influence
In his classic textbook, Simply Leadership, Northouse writes that influence is a necessary component of Leadership and that “without influence, leadership does not exist.” According to Finnish organizational consultant Kalle Siira, the most critical dynamic that must be achieved for Leadership to be considered adequate is influence. Indeed, the concept of influence is essential to most leadership definitions in some way, and Leadership cannot occur without influence.
Unfortunately, most leaders begin their leadership journey with influence. Unfortunately, this is at the root of many leadership failures. While influence is required, it should not be the goal of leaders. Influence is not a commodity that can be purchased off the shelves of the nearest supermarket. Instead, as Kacmar Carlson and Harris wrote in the Journal of Social Psychology, a leader’s behaviour in terms of “personal actions and interpersonal relationships” drives their ability to influence an organization.
According to Wong and Cummings, nursing professors in Canada, leaders who are attentive to constructing environments that attend to relational realities motivate or influence followers.
This consideration is that while influence is essential in realizing Leadership, it should not be the goal of Leadership. This viewpoint is central to the Leadership Economics argument. Dorothy Gaiter, President of Alabama-based Gaiter Electrodiagnostic Technology, writes plainly that “when people trust their leaders, they will follow”. According to authors Maister, Green, and Galford, relationships lead to such trust. As a result, leaders should prioritize healthy relationships. This allows for the cultivation of trust and the exercise of influence.
Humility
In the strictest sense, everything presented in this article up to this point is valid and applicable to the practice of Leadership. However, it is believed, and research strongly suggests, that leaders use an additional element in conjunction with relationships, trust, and influence, that has a material bearing on Leadership’s effectiveness. That quality is humility.
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Economic Leadership
Journal of Transformational Innovation, Fall 2018, Vol. 3 Iss. 2, pp. 40-45
Regent University School of Business & Leadership, 2018.
According to professors Morris, Brotheridge, and Urbanski, the most potent consideration of true humility from a leadership standpoint are its focus on the organization’s good rather than the self. According to these scholars, when leaders appreciate the contributions of others, seek to serve them, and encourage their participation, the benefits of humility to the organization are better understood and realized. Indeed, van Dierendonck and Patterson argue in the Journal of Business Ethics that humility and Leadership are inextricably linked.
Humility has a profound, if not exponential, impact on Leadership. Consider the ideas of Jim Collins, author of the much-lauded book Good to Great. Collins’ research identified humility and professional will as distinct characteristics of “Level 5” leaders who have led their 11 respective companies to unprecedented heights compared to the other 500 companies in Collins’ study.
The late, great UCLA basketball coach John Wooden supports humility as a fundamental leadership quality. Wooden held that he had a specific focus as a coach, “do everything possible to help . . . our team”. He was dead set on doing one thing as a coach: teaching and developing his players. Surprisingly, there is no mention of winning in his considerations. This is an approach that is opposed to the majority of current coaching practices. The same can be said for most leadership practices used by coaches and leaders today.
Academic research strongly supports the thesis that there is a sequential, dependent reality that defines how leadership functions. The work associated with this effort resulted in the creation of a mathematical statement intended to express how Leadership works:
[((+/-RL) + (+/-RF )) = T] = I
Relationships, trust, influence, and humility are represented in this equation by the letters R, T, I, and h. L and F stand for leader and follower, respectively (s). Essentially, as the relationship between the leader and follower(s) deteriorates, so does trust and, as a result, influence. As a result, following mathematical principles, humility’s weight on the statement has an exponential effect on all elements.
Christian Perspective
There is one unanswered question. Is this thinking regarded favourably when viewed through a Christian worldview? Thankfully, the Bible is replete with examples of Leadership that allow for such an assessment.
There are numerous supporting references when considering relationships as a core component of leadership practice. Joshua served alongside Moses for 40 years before taking over as leader of Israel. Furthermore, Elijah’s tutelage of Elisha is defined by a word defined by Easton’s Bible Dictionary as “adopt[ing] him as a son and investing[ing]” in his training. Then there’s Paul’s work with Timothy, whom Paul refers to as a “true child” and a “beloved and faithful child” in Philippians and 1 Corinthians. When it comes to Leadership, there is no more compelling example than Christ Jesus’ work with His disciples. He spent three years working with a genuinely motley crew that, after
Transformative Innovation Journal
Leadership Economics Journal of Transformational Innovation, Fall 2018, Vol. 3 Iss. 2, pp. 40-45
Regent University School of Business & Leadership, 2018.
Christ’s followers willingly gave up their lives to follow Him to death, forever imprinting the world with His gospel message.
In each case, the work began with relationships. Those relationships cultivated trust between the parties over time, and that trust resulted in the realization of influence. Throughout their efforts, those leaders acted with humility in each case. Indeed, there is no more excellent example of the kind of humility that the Christian worldview considers than Jesus, who gave His life in the course of His work with the disciples and the fulfilment of God’s will and plan for humanity.
Conclusion
The purpose of this article was to contribute specifically to understanding how Leadership works. Leadership Economics is a theoretical perspective that sparks debate about the real-world practice and application of Leadership.
Relationships, trust, influence, and humility are thought to have a dependent, associative reality in their respective contributions to the leadership dynamic.
Scholarly content and Christian worldview considerations both support the ideas presented in this article.
Understanding how Leadership is accomplished is critical to achieving desired organizational outcomes. Leadership Economics seeks to explain and clarify the perennial leadership question, “How”?
QUESTION
discuss how leadership and economic models of a healthcare facility, optimize EBP to improve patient outcomes.