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Outlines previous research attempts to explain the behaviour of second moments of price and return distributions and theories of how Big Players (i.e. those with enough discretionary power to influence the market but little sensitivity to profit/loss consequences) affect the volatility and informational efficiency of markets. Contrasts the 1883‐1892 fluctuations in the exchange value of the Russian rouble under interventionist (i.e. big player) and non‐interventionist finance ministers; and analyses the statistics using GARCH techniques. Shows that under the Big Player, both unconditional variance and the persistence of conditional volatility increased. Suggests that policy regimes affect the degree of noise‐trader influence and calls for further research.

This paper aims to assess the main sources, key propositions and empirical methods available to researchers taking a “subjectivist” perspective on the creation of opportunities by entrepreneurs.

Subjectivist research is defined behaviourally: it emphasises the internal, mental processes and subjective meanings incorporated in entrepreneurial acts. The alertness literature is accorded special attention; it originally possessed a strong subjectivist orientation and focused on opportunity recognition.

A subjectivist approach has distinct advantages: it requires researchers to observe, analyse and explain entrepreneurial creativity with reference to entrepreneurs' internal, personal interpretations of their environment. Subjectivist approaches ask: how do entrepreneurs create profit opportunities? Subjectivists extend the concept of entrepreneurial alertness to include analysis of knowledge construction processes.

Fruitful theoretical and applied subjectivist research de‐emphasises entrepreneurs' exploitation of existing opportunities; knowledge construction fundamental to the genesis of creative behaviour becomes central.

There are several empirically oriented organising frameworks available in the literature consistent with a subjectivist orientation to entrepreneurial creativity.

This is the first attempt to assess and synthesise modern subjectivist work on the creative dimension of entrepreneurial behaviour. It identifies complementary conceptual developments on the interface between economics and psychology. Some promising empirical methods are suggested.

Our central thesis is that the dynamic, immersive and agile nature of extended reality (XR) both provides an unusually fertile ground for the development of alternative forms of governance and essentially necessitates this development by contrast with relatively inagile institutions of public governance.

I take an epistemologically aware, systems-theoretic perspective in my analysis to properly tease out the relevant micro-, meso- and macro-structures; their direct interactions; and their entanglements.

The challenges presented by rapidly advancing XR may require much more agile forms of governance than are available from public institutions, even under widespread algorithmic governance. Social entrepreneurship in blockchain solutions may very well be able to meet some of these challenges, as we show.

There are very few systems-aware, epistemological analyses of social entrepreneurship utilizing algorithms versus public algorithmic governance and none that focus on how these two channels of social action interact with developments in XR.