Are Business Schools to Blame?
Question: A lot of people criticized business schools for contributing to the crisis. What do you think?
Glenn Hubbard: Well if I were to look at the problem of what went wrong in the financial crisis and link it to business schools, there are many causes for the financial crisis, but I think one of them was a set of business leaders who couldn’t connect, or wouldn’t connect the dots. By which I mean, a lot of what was going on in the world was plainly in front of people’s face, the mis-pricing of risk, the global factors that were involved. But many business leaders were so expertly focused on narrow areas, they didn’t see that that big picture. I’m not sure I would describe that as arrogance, I’m not sure I would describe it as a lack of integrity. I would describe it more as a lack of historical context and global context. And I think that’s something business schools could do a better job at. Something we’re trying to very much at Columbia.
Question: How are business schools changing their curriculum in light of the economic lessons of the financial crisis? (Dan Indiviglio, The Atlantic Business Channel)
Glenn Hubbard: Well even before the crisis, we had implemented a new curriculum that brought in a sense more of financial history and business history and of international trends, so we were doing that before. After the crisis, we really focused this a lot by giving students much more of a sense of perspectives across disciplines in their classes with an idea toward getting them to think in a bigger picture way. I think it’s too easy to go to business school and become an expert in something, finance, accounting, operations, whatever interests you without thinking about the very broad platform for leadership. But I do think that was part of the financial crisis. I don’t think it was most of it, but I think it was part of it.
Recorded on December 17, 2009
How will institutions change their curriculum post-crisis? Columbia Business School’s dean, Glenn Hubbard, believes the key is to teach broad leadership skills.
Swipe right to make the connections that could change your career.
Swipe right. Match. Meet over coffee or set up a call.
No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.
Is it "perverseness," the "death drive," or something else?
A growing body of research shows promising signs that the keto diet might be able to improve mental health.
- The keto diet is known to be an effective tool for weight loss, however its effects on mental health remain largely unclear.
- Recent studies suggests that the keto diet might be an effective tool for treating depression, and clearing up so-called "brain fog," though scientists caution more research is necessary before it can be recommended as a treatment.
- Any experiments with the keto diet are best done in conjunction with a doctor, considering some people face problems when transitioning to the low-carb diet.
It's up to us humans to re-humanize our world. An economy that prioritizes growth and profits over humanity has led to digital platforms that "strip the topsoil" of human behavior, whole industries, and the planet, giving less and less back. And only we can save us.
- It's an all-hands-on-deck moment in the arc of civilization.
- Everyone has a choice: Do you want to try to earn enough money to insulate yourself from the world you're creating— or do you want to make the world a place you don't have to insulate yourself from?
SMARTER FASTER trademarks owned by The Big Think, Inc. All rights reserved.