4 ms·
The sad fact is that academics these days occupy themselves with chasing money and power, not science (at least the ones in "elite" schools). Check out the mov
by jazzyk 10y ago
The sad fact is that academics these days occupy themselves with chasing money and power, not science (at least the ones in "elite" schools).
Check out the movie "Inside Job":
- Glenn Hubbard (the Dean of Columbia University School of Business). His work for Countrywide Financial for $1200/hr, attesting that the lender's loans were no worse than a control group of mortgages and not fraudulent, was examined by an attorney for MBIA. MBIA was suing Countrywide over its mortgage practices.
https://en.wikipedia.org/wiki/Glenn_Hubbard_(economist) https://en.wikipedia.org/wiki/Glenn_Hubbard_(economist)
- Frederic Mishkin, who, according to the Wall Street Journal, was paid almost $135,000 by the Icelandic Chamber of Commerce in 2006 to author a report that praised the stability of Iceland's economy and banking system—two years before they collapsed.
https://en.wikipedia.org/wiki/Frederic_Mishkin https://en.wikipedia.org/wiki/Frederic_Mishkin
Most of the profs in "elite" business schools sit on boards of big companies like GE, are members of Council on Foreign Affairs, etc.
Just sad.
- beambot 10y agoGenuinely curious: You think business school profs serving on the boards of big companies is "sad"? If I wanted to get an MBA, I would prefer to learn from people who have actual real-world experience rather than studying with someone whose experience was purely theoretical...
- lallysingh 10y agoI think there's a valid concern about academic independence from industry. Without a reputable source of independent research, we fall into gaslighting pretty quickly.
- yuhong 10y agoThis also reminds me that I really wish the restrictions can be reduced or removed so board of directors (like @pmarca) and CEOs can tweet more on public companies, which is part of what I mean by "Yishan-style CEOs".
- matthjensen 10y agoThis would be great. Lifting the restrictions that keep insiders from publicly disclosing information would likely improve market efficiency, reduce the value of true insider trading, reduce the spoils that go to information thiefs, and help to motivate and educate new entrepreneurs.