We study a quality-ladder model of endogenous growth that produces stochastic leadership cycles. Over a cycle, industry leaders can innovate several successive times in the same industry, gradually increasing the magnitude of their technological lead before being replaced by a new en-trant....

The Editors of the “Handbook for Teaching Leadership” (where this paper appears as Chapter 16) ask the following in their introductory chapter: “How does one teach leadership in a way that not only informs [students] about leadership but also transforms them into actually being leaders?”...