4.5.11

BE CAREFUL WHAT YOU WISH FOR.  Running the college of business like a business is bad business.
In an earlier age, professors took their knowledge certification role seriously (with the fail rates to prove it). Today, many faculty view their role as educating everyone admitted to the program, passing them through, and leaving it to the recruiters to sort things out on the back end. Incentives encourage faculty to conform to this behavior as administrators naturally prefer more tuition revenue to less. Yet, with the earlier check on quality removed, the low end of the student distribution gets fatter as less qualified students are admitted under the Growth Model, professors of required courses struggle to get everyone through by adjusting the material downward, everyone learns less, and over time the knowledge value of the MBA is significantly diminished.
(Via Newmark's Door.  Master the fundamentals of economics.  Skip the MBA.)

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