Since the collapse of Lehman Brothers in 2008, the teaching of economics and finance has struggled to evolve.
That everything changes so that nothing changes … God knows if the famous statement of cheetah Lampedusa has been put to the test since 2008, which saw Lehman Brothers and the entire global economy plummet. However, it summarizes to the letter the challenge that business schools face.
"In the 2008 crisis, we can not ignore the role of financial education". Michel-Henry Bouchet summarizes, in the interview he gave us, the general sentiment: the lessons of the subprime tsunami learned for the higher education of the elites following the crisis? "There remains a dominant interest, perhaps even a certain fascination for the trading rooms", observes this author of Manage country risk in an era of globalization, professor at Skema Business School.
For Yann Algan, we have to go even further: "We stop teaching economics as if the last thirty years have not happened!" exclaim the Dean of Sciences Po School of Public Affairs in Paris. In fact Risorgimento it's a updating who is waiting for the schools. "Close the business school!" launched in April 2008 Martin Parker in a scratchy stand of the newspaper The Guardian. The professor from the University of Bristol has not really changed his mind: "The promises of the past have not been kept" He complains.
Business school: special of the 2008 crisis, canceled
What are these promises? Our set of articles lists them; the forgotten, the unsustainable and the others. Ethics courses, sustainable development, social entrepreneurship … Schools open the field of possibilities to the values of citizens. One of them, Grenoble EM, has even introduced a poker course in its masters to teach the art of calculated risk. A fun way to learn from the man who won the Nobel Prize for economics in this disastrous year 2008, Princeton professor and columnist at New York Times Paul Krugman: "The approximation gap between sustained real risk and anticipated theoretical risk is one of the reasons for the recurrence of crises."
The crisis, the eternal return? At HEC, we waited three years to ask the question and present it to the candidates in the competition. In 2011, the ESH topic (economics, sociology, history) of the event was titled "Out of the Crisis". With two sub-questions: " Should we trust the market mechanisms? " or "Promote an increase in state power?" – a classic and recurring alternative from the famous' 30s, when former banker Emmanuel Macron fears repetition.
Rather than dwelling on the past, The world of the campus proposes to look to the future. The wolves of Wall Street certainly did not become lambs in silence. The little music of trading is always "In the mood" for many mathematicians The growth of supply and demand remains solid – with or without Parcoursup – in the huge market that has become the highly "commercialized" world of business schools. Facs have long dreamed of being more virtuous, but their IAE (Institutes of Business Administration), taken in the vortex of public-private competition, begins to think about globalization, rankings, entrepreneurship … Yes, definitely, nothing changes, but everything changes.
Faced with business schools, IAE's university virtues