Business School is No Answer
From “How Wall Street Learns to Look the Other Way”, New York Time Op-Ed, Tuesday, February 8, 2005:
“Whatever happens with Mr. Grasso - and with Dennis Kozlowski of Tyco and the other avatars of corporate misconduct in the headlines these days - we should be reminded that ethical behavior for many business people must involve overcoming their learned biases. Perhaps these scandals would be a little less likely, and the rationalizations for them a little less tenable, if more of us professors integrated business education into a broader historical and psychological context. Would our students really fail to understand the economic models if we treated the subject matter not as an arcane specialty, but as part of a larger liberal arts education?”
Robert J. Shiller
Shiller may be a brilliant writer, he authored Irrational Exuberance, as well as professor, he teaches Financial Markets at Yale College, but he’s dreaming if he believes those on Wall Street behave unethically because of what they didn’t learn in business school. Learning to take responsibility for your actions, just like learning to trade properly, has little to do with a graduate degree in business or any other field.
