Economists are increasingly recognising the importance of social norms in determining economic outcomes. While some argue that these norms are set in stone, this column introduces a new framework exploring how these norms emerge, how they can change, and how leadership by individuals can play a pivotal role.

The best US universities outperform their European counterparts. This column says part of the gap is due to how universities choose leaders. Outstanding scholars are more likely to be selected as presidents in the top US universities, a move that is associated with improved research performance.