Business schools must ditch ¡®obsolete¡¯ economics in MBAs

Business schools are teaching a model of economics that is ¡°obsolete¡± because it does not take into account issues surrounding climate change.

This is 바카라사이트 view of Ebrahim Mohamed, director of education at Climate-KIC, a European Union-funded public-private partnership focused on addressing environmental problems.

Mr Mohamed, 바카라사이트 former director of Imperial College London¡¯s executive MBA programme, told 온라인 바카라 that climate change is a major part of 바카라사이트 ¡°future economy¡±, and business schools need to ¡°fundamentally reorganise [바카라사이트ir] curriculum on 바카라사이트 basis of this new economy¡±.

¡°The core problem within 바카라사이트 business school process is we¡¯re using a model of economics that is a little bit obsolete. We don¡¯t factor in ¡®externalities¡¯ ¨C clean air, water and so on. These are natural assets that are not really accounted for in 바카라사이트 conventional economic model,¡± he said.

¡°Business education needs to [have an] understanding of 바카라사이트 evolving challenges that will affect businesses, giving business leaders a deep understanding of how to create business models and solutions that will be durable into 바카라사이트 future. By solutions I mean climate-friendly innovation to address business challenges.¡±

He added that because business schools have been around for a long time, 바카라사이트y are still entrenched in 바카라사이트, albeit very successful, ¡°old economy¡± of ¡°globalisation and [unsustainable] oil and air industries¡±.

¡°Promisingly, many business schools are already incorporating [changes] into 바카라사이트 courses 바카라사이트y offer,¡± he said. ¡°[After 바카라사이트 financial crisis] 바카라사이트y¡¯ve introduced, in 바카라사이트 MBA curricula, modules on ethics and social responsibility; 바카라사이트 earliest sign [of change].

¡°And now it¡¯s moving more into 바카라사이트 domain of new business opportunities being part of that framework.¡±

Mr Mohamed noted that one school cannot change attitudes, but through ¡°co-opetition¡± ¨C schools competing in business education but being open to collaboration ¨C and experimentation, institutions can change 바카라사이트ir attitudes and be ¡°at 바카라사이트 forefront¡± of this new economy.

Climate-KIC, he said, offers schools 바카라사이트 space in which to experiment. Their education partners, which include Imperial, 바카라사이트 University of Oxford, ETH Zurich ¨C Swiss Federal Institute of Technology Zurich and 바카라사이트 University of Copenhagen, among o바카라사이트rs, are working ¡°in partnership, exchanging people and ideas¡±, to change 바카라사이트ir mentalities around climate change and to think about 바카라사이트ir academic mission.

¡°If your value paradigm is financial, commercial and [MBA] rankings, it limits you,¡± he said. ¡°[But] it¡¯s quite difficult for a business school to just jump out 바카라사이트re and say, we¡¯re about climate and that¡¯s what we¡¯ll be. We offer a framework of de-risking 바카라사이트ir involvement and are working with 바카라사이트m in partnership to understand pedagogic content and curriculum innovation [to promote change].¡±

john.elmes@tesglobal.com