from the world's big
Why Future Business Leaders Need Philosophy
If you want to succeed in business, don’t get an MBA. Study philosophy instead.
In the wake of the financial crisis, an era of severe turbulence, rapid changes and increasing complexity has emerged. A black cloud hangs over the past decade’s economic prosperity and global consumption habits, which fundamentally challenges the purpose of business. All too often the approach to business practices has been one-dimensional, lacking in richness and depth. This goes for both the cheerleaders and the critics of the current business practices. In these times, it is important to be able to view the world in different shades – one of possibilities, rather than constraints. While the discipline of philosophy can help pave the way forward, it remains to be widely regarded as irrelevant to formal education programs in business schools. But they might think differently, if they take a closer look.
“Once hired, philosophy majors advance more rapidly than their colleagues who possess only business degrees” writes Thomas Hurka, Professor of Philosophy at the University of Calgary. He strongly advises the younger generation to consider majoring in philosophy, if they want to be successful in business. This is supported by a recent study by Payscale, which shows that while starting salaries of philosophy graduates might be less than those with business degrees, by mid-career, the salaries of philosophy graduates surpasses those of marketing, communications, accounting and business management. Taking this into consideration, it appears that having the right business degree from a prestigious business school does not guarantee a successful career in business.
Following this line of thought, Matthew Stewart, former management consultant of the Mitchell Madison Group tells, “If you want to succeed in business, don’t get an MBA. Study philosophy instead.” In his experience, MBA programs basically involved, “taking two years out of your life and going deeply into debt, all for the sake of learning how to keep a straight face while using phrases like “out-of-the-box thinking,” “win-win situation,” and “core competencies.” Even though this is arguably an exaggeration of the current state of business education, it is hard to neglect the verity: the concept of ‘business as usual’ in management education is swiftly becoming old-fashioned, while the socio-economic challenges of globalization only mature. In many countries, labour market conditions are deteriorating with unemployment rates worsened to an unprecedented level. For the younger generation, the prospects of employment are declining, as they are often the ‘last ones in’ and the ‘first ones out’ of a bleak job market.
“The world of work is currently out of sync with the world of education – meaning young people don't have the skills needed to get jobs,” says Dominic Barton, Global Managing Director of McKinsey & Company, calling for urgent action. Instead of focusing on the lack of jobs out there, he argues that the available openings require skills that the younger generation simply do not possess. They face a distinctively new normal, as the operational capacities of business leaders are fundamentally changing. In order to successfully navigate in an uncertain, volatile and increasingly complex business environment, a supplementary approach to rational problem-solving and optimal decision-making is required.
The rising demand for both creative and concrete problem-solving as well as abstract and strategic thinking indicates the necessity to broaden the reflectivity-horizon of the narrow business perspective that future business leaders will determine their decisions within. Business tends to seek one rationalised conclusion at the expense of others. This closes opportunities, rather than opens them. Philosophy, on the other hand, can through critical reasoning continually question and rethink the assumed certainties and its basic premises. In this sense, business and philosophy might seem poles apart at first glance and their interdisciplinary potential has for long been largely unrecognized on traditional business schools, but this is about to change.
Rethinking business education
In the book Rethinking Undergraduate Business Education, the renowned Carnegie Foundation for Advancement of Teaching took the lead in transforming the preparation of future business leaders. In the US, business is the most popular field of undergraduate study, reflecting the growing centrality of business in society today. According to the authors, it is therefore of utter importance that future business leaders function both productively and responsibly in a highly demanding and increasingly complex business environment. However, the results of the nationwide study of undergraduate business education cited in the book showed that it “is too often narrow, fails to challenge students to question assumptions, think creatively, or to understand the place of business in larger institutional contexts.” The implications of their observations suggest that business education neither guarantees success, nor prevents failures in business. So, what is to be done? In confronting the challenge, the authors argue for an integrative approach that combines the business disciplines with liberal arts and social sciences in order to help future business leaders have a better understanding of the other institutional sectors, the pluralism of values and operating logics that businesses depend on. This could prove to play a decisive role in the future business environment, when adapting to change is not enough.
Following the movement, Per Holten-Andersen, President of Copenhagen Business School, took action. “The market forces are so strong that they force us to go in a direction that some of us actually don’t favour,” he says. At the 2012 Academy of Management Annual Meeting in Boston, he delivered a provocative speech to the gathering of scholars and business leaders in the management discipline. In the wake-up call, he advocates that we must be willing to constantly challenge our traditional beliefs and perceptions in order to engage in the discussion of where we are heading, and where we want to head. The call to confront our habitual mindset is not grounded in the common anti-capitalistic bias, where business is evil and cannot be trusted, but in an assessment of the long-term socio-economic impact of short-term decision-making. He explains: “I am not an anti‐capitalist. I should say that I am actually a great believer in the merits of capitalism myself. But I am certainly more in favour of democracy than the very raw capitalism that we are seeing at the moment changing Europe and also parts of America.” These thoughts might not be new, but it is certainly a remarkable statement bearing in mind his influential position and the crowd of business-enthusiasts he was addressing.
Why are Philosophy useful?
So what does all this have to do with philosophy? For too long, philosophy-bashing has been keen to follow the mantra of ‘too much talk, not enough action’ in the field of business. This is not, however, surprising if you approach philosophy with the same instrumentality that dominates business. Philosophy pursues questions rather than answers them. In this sense, the responsibility of philosophy is not so much to answer our questions, but to question our given answers. This raises the question: What is philosophy? Just to be clear, philosophy is not some kind of recipe or precept. You do not become a moral subject by studying Immanuel Kant or a good citizen by reading Plato’s The Republic.
Nevertheless, the placement of the concept of morality or justice under an investigative lens can help us move beyond the confinements of prevailing knowledge. This is the essence of the discipline of philosophy – it teaches not what to think, but how to think. It examines the enduring fundamental questions concerning human life, society, ethics and knowledge, just to name a few. Whereas, the business discipline represents a definite ordering of the world through the fabrication of concepts, methods and models as a way to reduce complexity, philosophy explores its conceptual framework and developments. It goes without saying that Porter's Five Forces and almost every other generic framework for problem-solving are heuristics: they can speed up the process of finding a solution, but it is at the expense of autonomous thinking. In this way, philosophy can help articulate the blind-spots of business by looking behind its assumed certainties and theoretical preconditions. By pondering the questions which are beyond the scope of business, philosophy can broaden the reflectivity-horizon of future business leaders to help them manage complexity and make sound decisions, not only in the purview of good business, but also in accordance with the needs of society.
This, however, does not point to a future of philosopher-leaders, as Plato encouraged. This is because the pragmatic judgement and technical expertise of business is still very much needed to direct the philosophical reflections towards practical decisions and concrete actions. In this regard, business models, concepts and strategies are certainly still a necessity. But in order to keep improving them, philosophy demands attention. This is the interdisciplinary potential of business and philosophy. So don’t worry, there will still be plenty of need for specialized business experts, which turns us back to the initial question: Is philosophy really a passport to a successful career in business? No, but it is definitely not irrelevant. Not for business. Not for career progress. Not for society.
This article was originally published in GRASP magazine.
Photo used under Creative Commons from Walknboston at Flickr
Educators and administrators must build new supports for faculty and student success in a world where the classroom might become virtual in the blink of an eye.
- If you or someone you know is attending school remotely, you are more than likely learning through emergency remote instruction, which is not the same as online learning, write Rich DeMillo and Steve Harmon.
- Education institutions must properly define and understand the difference between a course that is designed from inception to be taught in an online format and a course that has been rapidly converted to be offered to remote students.
- In a future involving more online instruction than any of us ever imagined, it will be crucial to meticulously design factors like learner navigation, interactive recordings, feedback loops, exams and office hours in order to maximize learning potential within the virtual environment.
A leading British space scientist thinks there is life under the ice sheets of Europa.
- A British scientist named Professor Monica Grady recently came out in support of extraterrestrial life on Europa.
- Europa, the sixth largest moon in the solar system, may have favorable conditions for life under its miles of ice.
- The moon is one of Jupiter's 79.
Neil deGrasse Tyson wants to go ice fishing on Europa<div class="rm-shortcode" data-media_id="GLGsRX7e" data-player_id="FvQKszTI" data-rm-shortcode-id="f4790eb8f0515e036b24c4195299df28"> <div id="botr_GLGsRX7e_FvQKszTI_div" class="jwplayer-media" data-jwplayer-video-src="https://content.jwplatform.com/players/GLGsRX7e-FvQKszTI.js"> <img src="https://cdn.jwplayer.com/thumbs/GLGsRX7e-1920.jpg" class="jwplayer-media-preview" /> </div> <script src="https://content.jwplatform.com/players/GLGsRX7e-FvQKszTI.js"></script> </div>
Water Vapor Above Europa’s Surface Deteced for First Time<span style="display:block;position:relative;padding-top:56.25%;" class="rm-shortcode" data-rm-shortcode-id="9c4abc8473e1b89170cc8941beeb1f2d"><iframe type="lazy-iframe" data-runner-src="https://www.youtube.com/embed/WQ-E1lnSOzc?rel=0" width="100%" height="auto" frameborder="0" scrolling="no" style="position:absolute;top:0;left:0;width:100%;height:100%;"></iframe></span>
Watch The Daily Show comedian Jordan Klepper and elite improviser Bob Kulhan live.
These days, if you don't laugh, you might just scream. Enter comedian and The Daily Show regular Jordan Klepper!
A study finds people are more influenced by what the other party says than their own. What gives?
- A new study has found evidence suggesting that conservative climate skepticism is driven by reactions to liberal support for science.
- This was determined both by comparing polling data to records of cues given by leaders, and through a survey.
- The findings could lead to new methods of influencing public opinion.
Mind the cues<div class="rm-shortcode" data-media_id="CabkeAzx" data-player_id="FvQKszTI" data-rm-shortcode-id="169377c88f392a86f6c42180b74820a5"> <div id="botr_CabkeAzx_FvQKszTI_div" class="jwplayer-media" data-jwplayer-video-src="https://content.jwplatform.com/players/CabkeAzx-FvQKszTI.js"> <img src="https://cdn.jwplayer.com/thumbs/CabkeAzx-1920.jpg" class="jwplayer-media-preview" /> </div> <script src="https://content.jwplatform.com/players/CabkeAzx-FvQKszTI.js"></script> </div> <p>The gulf in accepting the science behind climate change also exists among party elites. It is well known to any American who is attentive to the news, as party leaders are often more than willing to discuss their take to journalists.</p><p>Using polling data going back to the 1980s, the researchers were able to create a chart showing the aggregate amount of climate skepticism among the general population. A similar diagram showing the Republicans' skepticism dating back to 2001 was sourced from a previous, similar study. It was shown to be highly correlated with the one produced for this study.</p><p>These charts were compared with media content from prominent newspapers that included implicit or explicit stances on climate change by significant political figures. These thousands of articles were classified by using key terms and which major political figures were quoted or referenced. The researchers compared the number of cues over time to measured skepticism and looked for "<a href="https://en.wikipedia.org/wiki/Granger_causality" target="_blank">Granger causality</a>," the tendency for one variable to predict the future value of another variable.</p><p>The model shows evidence of both in and out-group cue effects, though the repulsion to out-group cues was much more evident. A significant increase in Democratic cues in favor of climate science was followed by a rise in skepticism among Republican voters. Importantly, the cues lead, rather than follow opinion, and do so with consistency. Changes in view did not predict changes in the number or direction of cues. </p><p>The researchers also surveyed nearly 3000 adults to demonstrate the concept. This involved showing them a statement on the scientific consensus around climate change and a cue from either a Republican or a Democrat. This test confirmed the previous observation and provided further support for the notion that signals from leaders cause an increase in skepticism among some respondents.</p><p>Before my left-leaning and Democratic readers get too smug, this research references previous studies demonstrating a similar effect in the lead up to the Iraq War. However, in that case, the Democratic Party elites' mixed messages were countered by a Republican Party united behind the idea of invasion. The effect on the Democratic party rank and file was similar to that observed in this case. </p><p>Several other studies have examined effects similar to this for other issues. This study's importance is its focus on out-group cues and the effort placed into demonstrating a causal relationship between the statements of certain party elites and public opinion. Most previous studies focused purely on in-group cues or failed to differentiate between the two. </p>
Can thinking about the past really help us create a better present and future?
- There are two types of counterfactual thinking: upward and downward.
- Both upward and downward counterfactual thinking can be positive impacts on your current outlook - however, upward counterfactual thinking has been linked with depression.
- While counterfactual thinking is a very normal and natural process, experts suggest the best course is to focus on the present and future and allow counterfactual thinking to act as a motivator when possible.
“Upward” versus “downward” counterfactual thinking<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzQ1NDYxOS9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTY0NDM2MDY2OX0.njWs1qrV1vDBxU1V75tUduUW4TjJvEHglDWsK8ZF2l4/img.jpg?width=1245&coordinates=0%2C556%2C0%2C209&height=700" id="a15fa" class="rm-shortcode" data-rm-shortcode-id="98314d4d2b256ed08f42d369fe4ae080" data-rm-shortcode-name="rebelmouse-image" alt="concept of man thinking about the past one line drawing counterfactual thinking" />
What are upward and downward counterfactual thinking?
Image by one line man on Shutterstock<p><strong>What is upward counterfactual thinking?</strong></p><p>Upward counterfactual thinking happens when we look at a scenario and ask ourselves "what if" in terms of how our life could have turned out better. </p><p>Examples of upward counterfactual thinking are: </p><ul><li><em>"I wish I had taken that other job instead of this one 10 years ago - my life would be so much better if I had." </em></li><li><em>"I wish I would have gotten the part in that high school play, maybe I could have gotten into a theatre school and became an actor…"</em> </li></ul><p>Both of these examples have the ideology that if you had made different choices, your life right now would be improved. </p><p><strong>What is downward counterfactual thinking?</strong></p><p>Downward counterfactual thinking is, naturally, the opposite of upward counterfactual thinking in that we think about how things could have been worse if other decisions had been made. </p><p>Examples of downward counterfactual thinking are: </p><ul><li><em>"I'm so thankful I studied secondary education in university instead of psychology like I had originally planned - I love teaching high school kids and I never would have gotten to do that…" </em></li><li><em>"I'm so happy I left David when I got the chance, I can't imagine still being in an unhappy marriage with someone who doesn't support me…"</em> </li></ul><p>In these examples, we see the idea that if you had made different choices your life would not be as good as it is right now. </p>
How counterfactual thinking can impact your life<img type="lazy-image" data-runner-src="https://assets.rebelmouse.io/eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJpbWFnZSI6Imh0dHBzOi8vYXNzZXRzLnJibC5tcy8yMzQ1NDYxNy9vcmlnaW4uanBnIiwiZXhwaXJlc19hdCI6MTYyNjI2MDQxOX0.DIVQ-Yk0d6yE3tc743MH1Fz2pOg1TGHLmhp8dPp9UdY/img.jpg?width=1245&coordinates=0%2C0%2C0%2C0&height=700" id="522d7" class="rm-shortcode" data-rm-shortcode-id="da7df6ad916b043e3610223900d0f8df" data-rm-shortcode-name="rebelmouse-image" alt="man thinking what if written on chalkboard" />
How do upward and downward counterfactual thinking impact your life?
Photo by Brasil Creativo on Shutterstock<p>While many people don't see the point in "what if" scenarios, various studies have found that downward counterfactual thinking can be more associated with psychological health compared with upward counterfactual thinking. Not only that, but research has also shown upward counterfactual thinking can be linked with current and future depression.</p> <p><strong>Downward counterfactual thinking tends to be more associated with psychological health </strong></p><p>According to a <a href="http://journal.sjdm.org/jdm06136.pdf" target="_blank">2000 study</a>, downward counterfactual thinking can be linked with better psychological health compared to upward counterfactual thinking. More importantly, in cases where downward counterfactual thinking did lead to negative feelings, those feelings acted as something of a motivator for people to take productive actions to better their current situation. </p> <p><strong>Upward counterfactual thinking tends to be more associated with depression </strong></p><p><a href="https://www.sciencedirect.com/science/article/abs/pii/S0272735816301714#:~:text=An%20upward%20counterfactual%20(as%20opposed,Markman%20and%20McMullen%2C%202003)." target="_blank">According to a 2017 study</a> that pooled a sample of over 13,000 respondents, thoughts about "better outcomes" and regret (upward counterfactual thinking) were associated with current and future depression. </p> <p><strong>Downward counterfactual thinking can actually improve your relationships and is more often engaged in by women than men.</strong></p><p>In a <a href="https://dspace.sunyconnect.suny.edu/bitstream/handle/1951/67589/Studer_Thesis.pdf?sequence=1&isAllowed=y" target="_blank">2016 research paper submitted</a> to the Department of Psychology at the State University of New York at New Paltz, downward counterfactual thinking in regards to romantic relationships was associated with relatively positive relationship outcomes. Interestingly, women were more likely than men to engage in downward counterfactual thinking about their romantic life. </p> <p><strong>Upward counterfactual thinking can have some benefits in certain scenarios. </strong></p><p>When we look back after a failed test and think "I wish I would have studied more" - this motivates us to study harder the next time a test comes up. In this way, upward counterfactual thinking (or the negative version of "what if") can actually benefit us. </p> <p><strong>This can be difficult, though, because much of the time upward counterfactual thinking is more associated with a pessimistic outlook that can be unmotivating. </strong></p> <p>Thinking in the past tense can be motivational (and even healthy) at times, but the best thing to do is look forward. </p><p>While counterfactual thinking as a whole can be used to motivate us to make better choices or appreciate where we are in life, <a href="https://www.psychologytoday.com/us/blog/darwins-subterranean-world/201809/the-psychology-what-if" target="_blank">this Psychology Today</a> article suggests that we should come up with ways to move on and focus on the present and the future instead of the past. Using counterfactual thinking as a motivational tool can be very helpful if we don't get stuck in the "what if" mindset that tends to pull us out of the present and back into the past, where things will always remain the same. </p>