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After reading all the information of financial crises and the current one and realizing that we were wrong about many things and how our practices and theories are not really applicable in the real world, should there be a push to change what we are teaching in our business schools? Do you think there should be a major reform especially after this current financial meltdowns? What are your thoughts?
Here is an article by the Chief Executive of The Association of MBAs on the topic:
http://business-ethics.com/2010/01/16/mba-ethics-governance-risk-management-sustainability/
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I absolutely think our grad schools need to change. The free market-loving ideology that is at the root of this problem grew out of these business schools. However, it's also important to note that not all business schools still follow this train of thought.
ReplyDeleteI agree with Matt in that our grad schools need to change. Our times are different and I think that business schools need to adapt to the ever changing economy.
ReplyDeleteI can understand the need for change in our business schools. Specifically with regards to the teaching of risk management and government regulation. However, I feel that a simple change in the way we teach business will not fix the flaws in real world application. There are multiple levels of socialization that go into the way people operate in our business system. If we truly want to change the system we would have to change beliefs about capitalism, government influence, etc. (Which is pretty impractical).
ReplyDeleteI agree with Ashlee on this one. At the end of the day there will still be lobbyists in Washington. I'm not too sure ideology changes in business schools will affect the Wall-Street mentality. If incentives are still in place, it doesn't matter what kinds of ideologies are taught, especially if Wall Street holds the positions of power.
ReplyDeleteI think that they need to change. Not that they can't keep teaching what brought us here, to fully understand where we were coming from but also newer ways of thinking. It's important to not destroy everything, and to have generations continue learning from our mistakes - in order to do that they need to know our thought processes.
ReplyDeleteThey should definitely change the curriculum. As we've covered they are still using models with very little data or data that only goes back couple of decades which fails to tell us much of anything and makes it hard to learn from the past.
ReplyDeleteA change would be nice, especially with the focus going towards ethics and sustainability. These areas are becoming increasingly more important not only in the business realm but in almost every industry these days as well. It will definitely take time after these new changes are in place for us to see changes in the real world outside of the classroom, but it's certainly a step in the right direction. It may not happen as quickly as we need it to be, due to all the current unethical business practices, but over time I'm sure we'll see a change take place in how businesses take responsibility.
ReplyDeleteI agree with Dana better ethics and sustainability are very important as well as teaching everyone to get their hand in the global cookie jar. We need to have more consideration in how we teach finance and stress the idea that your handling people's money and your responsible for it..
ReplyDeleteI agree with what everyone one is saying, there should change, when an event such as the 2007 crisis happens, it showed us that maybe some of our fundamentals were wrong. But at the same time like some of you have said will changing the information in business schools really have an effect on business ethics, if there are millions and billions of dollars to be made, I think that a cut throat mentality will still be prevalent on wall street.
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