Wednesday, September 30, 2009
The Economist on B-School Reform
After citing some sketchy statistics about MBAs' responsibility for the recent global "catastrophe" (e.g., "Most of the people at the heart of the crisis . . . had MBAs after their name"), the Economist offers some advice for how B-Schools should reform themselves. Ideas include teaching more business history, fostering more scepticism and cynicism in students, and hiring more professors who aren't afraid to "bite the hand that feeds them" (which I believe refers to business in general).
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I think teaching about business history would be very wise. The MBA spends a lot of time on what does work and why, and relatively little time telling you what didn't work and why not, which often is just as valuable.
ReplyDeleteI wonder how the world would be different if a decade of MBA's had studied what cheap credit, asset inflation, large amounts of leverage, and human nature will eventually do to a financial system. Friedman, Krugman, and Koo all wrote good books on the Great Depression and on crashes in other countries, so it's not like the Great Recession materialized out of thin air.
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