A. Hayek, market theoreticians have to a large extent employed the equivalent of the Great Man theory of history to explain what makes markets tick.

FORBES: The Fable Of Market Meritocracy

Messrs Skelcher and Davis's research, which predated the Nolan reforms, also found evidence that the great and the good were to a large extent self-selecting: even in quangos where ministers have the final say, they found that most new members were chosen by the existing board often by personal recommendation.

ECONOMIST: Who��s really who | The