Lady Gaga is #7. Yes, according to a 2010 Forbes list of the most powerful women in the world, Lady Gaga’s power is surpassed by just 6 other women: Michelle Obama, Irene Rosenfeld (Kraft Foods CEO), Oprah, Angela Merkel (Germany’s Chancellor), Hillary Clinton, and Indra Nooyi (CEO of PepsiCo). Why? As Forbes expressed it, their criteria include a “buzz” and a business component.
This took me to a WSJ Jonah Lehrer article. Citing studies about how people achieve power, Lehrer challenges the traditional assumption that ruthless individuals are more likely to reach the top. Instead he says that “people give authority to people they genuinely like” and ostracize those who are malicious. Even among chimpanzees, males who were best at socially connecting ascended to dominance.
However, Lehrer also tells us that once people achieve power, their behavior changes. Those with authority tend to become less empathic and to behave inappropriately. Also though, they acquire a toughness that can come in handy.
The Economic Lesson
Controlling power is basic to the success of a market economy. To some extent, the invisible hand uses competition, demand, and supply to harness self-interest. Still though, in the Wealth of Nations, Adam Smith alluded to the ”wretched spirit of monopoly” (p. 461) as a threat to economic health. Smith also points out that, “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices”.