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Questions and Answers

Which of these is NOT a reason why Occupy Wall Street organized a walkout of the EC10 class at Harvard University?

They disagreed with the teaching methods of Professor Gregory Mankiw. (correct)

They wanted to see more emphasis on the social responsibility of businesses in the curriculum.

They believed that the economics curriculum needed updating.

They felt that the course was too theoretical and not practical enough.

What is the main argument being made by Professor Martin Parker in his book, 'Why We Should Bulldoze the Business School' ?

Business schools should focus more on teaching students how to organize businesses differently.

Business schools are failing to teach students about the social responsibility of businesses.

Business schools are not providing students with the necessary skills to succeed in the modern business environment.

Business schools are too focused on teaching students about capitalism, without considering alternative economic models. (correct)

Which of these is NOT mentioned as part of the 'hidden curriculum' in business schools mentioned in the content?

Marketing

Operations/logistics

Entrepreneurship

Law (correct)

According to the content, what is the real point of education?

To enrich people's lives. (B) Signup and view all the answers

What is the main reason for the shift in focus from enriching people's lives to job readiness training in schools?

The increasing pressure on schools to be financially sustainable. (C) Signup and view all the answers

What is the significance of the Batavia Industrial Center (BIC) in relation to the content?

It is an example of how a business can contribute to the revitalization of a local community. (D) Signup and view all the answers

Which of these is NOT a reason why there haven't been any walkouts from MBA programs?

MBA students are afraid of losing their jobs if they challenge the status quo. (B) Signup and view all the answers

What is the main message conveyed by the statement that the private sector externalizes costs of job training onto public schools?

Businesses should be more responsible for training their own employees. (A) Signup and view all the answers

What is the main difference between the 'hidden curriculum' and the explicitly taught curriculum in business schools?

The 'hidden curriculum' is more focused on the values and beliefs of the business world. (D) Signup and view all the answers

Which of these is NOT a topic typically covered in the 'hidden curriculum' of business schools?

The importance of achieving individual success in the business world. (D) Signup and view all the answers

What was the outcome of many businesses incubated by Catalyst Ventures?

Some businesses were profitable, while others had losses (A) Signup and view all the answers

What is a significant financial conflict of interest faced by startup incubators?

Incubators often take equity in their startups (B) Signup and view all the answers

Who is considered a pioneer of the high-tech incubator?

Nolan Bushnell (B) Signup and view all the answers

What did Paul Graham mean when he referred to himself as a 'manufacturer of economic inequality'?

His businesses disproportionately favor wealthy individuals (B) Signup and view all the answers

What is one way that business schools demonstrate a similar conflict of interest to incubators?

They receive large endowments and sell services to startups (C) Signup and view all the answers

What was a primary goal of the startups incubated by Catalyst Ventures?

To sell to larger companies (C) Signup and view all the answers

How many jobs did the BIC generate in the 1990s?

5,000 jobs (D) Signup and view all the answers

What type of firms does Paul Graham's Y Combinator primarily support?

Technology startups (C) Signup and view all the answers

What is a common characteristic of the teachings in startup incubators?

Emphasis on venture capital and exits (D) Signup and view all the answers

What role did Catalyst Ventures play for Nolan Bushnell?

It functioned as an investment vehicle (C) Signup and view all the answers

Study Notes

Business Education

Business education is crucial for a functioning democracy, but is increasingly focused on job readiness instead of enriching lives.
Private sector externalizes job training costs onto public schools, but human interaction is vital.

Business Schools

EC10 walkout at Harvard, led by protesting students demanding a more relevant curriculum in economics.
Students formed Rethinking Economics and Post Crash Economics Society to address shortcomings in their curriculum.
Question of walkouts from MBA programs was raised.
Capitalism is assumed to have surpassed other models in economic thought, and students learn how businesses are structured in detail, not how they could be improved.
Business schools' hidden curriculum emphasizes areas like accounting, finance, MIS, operations, and business ethics.
CSR (Corporate Social Responsibility) is a taught element within the business curriculum.

Startup Incubators

Batavia Industrial Center (BIC) was created by the Mancuso family to revive the local community, and attracted new businesses.
Mount Hope Hatchery moved to the BIC, incubating businesses, not just poultry.
BIC generated approximately 5,000 new jobs in the 1990s.
High-tech incubators, such as Catalyst Ventures, were founded by Nolan Bushnell after he sold Atari.
The goal of high-tech incubators is to "churn out" businesses, and they focus on startups being acquired to be successful.
Not all ventures were profitable but the model was successful as long as startups were acquired.

Conflict of Interest

Startup ecosystems often face financial conflicts of interest where incubators often take equity stakes in the startups they support.
Incubators are frequently profiled as "business educators", focusing on venture capital and exits.
Business schools also experience a similar conflict of interest with large schools focusing on endowments, smaller schools on subsidies.

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Description

Explore the critical aspects of business education, focusing on its role in democracy and job readiness. Understand the movements initiated by students at top business schools aiming for curriculum reform. Delve into the discussions around the responsibilities of business schools and the importance of Corporate Social Responsibility in modern education.