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 assertion of Cheetah Lampedusa has been put to the test since 2008, which saw Lehman Brothers and the entire world economy plunge. It does, however, summarize to the letter the challenge that business schools have to face.
"In the 2008 crisis, we can not ignore the role of finance education." Michel-Henry Bouchet summarizes, in the interview he gave us, the general feeling: were the lessons of the subprime tsunami learned for the higher education of the post-crisis elites? "There remains a dominant interest, perhaps even a certain fascination for the trading rooms", observes this author of Managing Country Risk in an Age of Globalization, professor at Skema Business School.
For Yann Algan, we have to go back even further: "Let's stop teaching economics as if the last thirty years had not happened! " exclaims the Dean of Sciences Po Paris School of Public Affairs. In fact risorgimento it's a aggiornamento who is waiting for the schools. "Shut down the business school! " launched in April 2008 Martin Parker in a scathing stand of the everyday The Guardian. The professor at the University of Bristol has not really changed his mind: "The promises of the past have not been kept," He laments.
Business schools: specials of the 2008 crisis, written off
What are these promises? Our set of articles lists them; the forgotten, the untenable and the others. Courses of ethics, sustainable development, social entrepreneurship … Schools open the field of possibilities to citizen values. One of them, Grenoble EM, even introduced a poker course in her masters to teach the art of calculated risk. A fun way to learn from the man who won the Nobel Prize in economics in this disastrous year 2008, the professor at Princeton and editorialist at New York Times Paul Krugman: "The approximation gap between the actual risk incurred and the 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 submit it to the candidates in the competition. In 2011, the topic ESH (economics, sociology, history) of the event was entitled "Out of crisis". With two sub-questions: " Should we trust market mechanisms? " or "Favor a rise in power of the State? " – a classic and recurrent alternative since the famous 1930s, when former banker Emmanuel Macron fears repetition.
Rather than dwell on the past, The Campus World proposes to look at the future. The wolves of Wall Street certainly did not become lambs silently. The little music of trading is always "In the mood" for many mathematicians. The growth of supply and demand remains robust – with or without Parcoursup – in the huge market that has become the highly "marketed" world of business schools. The facs have long dreamed more virtuous, but their IAE (Institutes of Business Administration), caught in the whirlwind of public-private competition, begin to think globalization, rankings, entrepreneurship … Yes, decidedly, nothing change, but everything changes.
Faced with business schools, the university virtues of IAE