The past behavior of the marketplace was controlled by rules set by the rulers. Rules were used to protect participants from harming each other or disturbing the economic incentives that enabled the marketplace to create value for the players. Rulers designed the rules so they gained the most while enabling everyone to gain a little.
The wisdom of the marketplace matured over time and more and more rules were legislated by the rulers to protect the people and the incentives for participation were designed around an ego-system. The ego-system was designed to serve the self-interest of a few over the well-being of all. The rulers of ego-systems justified their self-interest rules by pointing to all the good they do for society, the industries and jobs they create for the people and the families they support. “After all, they said, If it wasn’t for us there would be no economy.”
The ego-system created power and influence in education, media, politics and government. Who would dare question the wisdom of those who built the most powerful marketplace on earth? For a long time no one dared then a new generation entered the marketplace equipped with more information, their own media, their own influence and the power of their collective voices. They began questioning the common wisdom of the marketplace as disruptive innovation began to change the rules and the rulers. Soon they were creating a new set of rules, a different kind of ruler, and different incentives which became known as the “uncommon wisdom of the marketplace“.
Uncommon Wisdom Has A Different Set of Rules
Rules are socially accepted beliefs used to guide behaviors for a purpose. The purpose may have a different set of goals dependent upon social beliefs. Rules shape our mental models which create frameworks to build value, solutions, organizations and messages to a marketplace. Rules tell us the boundaries in which we think and work so we can pursue personal and professional objectives.
We use knowledge to gain understanding to meet our personal and corporate goals. We seek wisdom to learn more better. It is in the learning more better that people are discovering the uncommon wisdom that is driving today’s marketplace. Lets compare common to uncommon wisdom so we can understand more better.
Uncommon wisdom is becoming common to a generation that rejects the common wisdom of the past. That generation now represents and influences the marketplace with their own media more than the media from the previous generation.
Their knowledge is not grounded in past paradigms or educational frameworks designed to reinforce old economic models. Their knowledge is in a dynamic state of continuous learning from the ebb and flow of enlightened experiences and possibilities brought on by disruptive innovation ushered in by social technology.
Wisdom is the discernment of given circumstances using proper knowledge. Today’s market environments are in a constant state of flux and the circumstances are anything but common. Knowledge gained from experiences and new insights are required to understand the uncommon wisdom of todays marketplace.
Understanding uncommon wisdom requires us to learn from the behavior of the marketplaces instead of us trying to teach the marketplace how it ought to behave.