Ten years after the crisis, an inventory task is essential

Since the fall of Lehman Brothers in 2008, the teaching of economics and finance has struggled to evolve.

That everything changes so that nothing changes … God knows or the famous claim of cheetah Lampedusa has been put to the test since 2008, as a result of which Lehman Brothers and the entire world economy made their appearance. However, it provides a summary of the challenge that business schools have to deal with.

"In the crisis of 2008 we can not ignore the role of financial education." Michel-Henry Bouchet summarizes in the interview he gave us, the general feeling: were the lessons of the subprime tsunami taught 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 era of globalization, professor at the Skema Business School.

For Yann Algan we have to go one step 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 is a aggiornamento who is waiting for the schools. "Close the business school!" launched in April 2008 Martin Parker in a devastating 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 preserved," He complains.

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What are these promises? We mention our series of articles; the forgotten, the unsustainable and the others. Courses on ethics, sustainable development, social entrepreneurship … Schools open up the field of opportunities for civic values. One of them, Grenoble EM, even introduced a poker course in her masters to learn the art of the calculated risk. A fun way to learn from the man who won the Nobel Prize for Economics in this disastrous year 2008, the professor at Princeton and the editor at New York Times Paul Krugman: "The approximation gap between the actual risk and the expected 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 to submit it to the candidates in the competition. In 2011, the subject was ESH (economics, sociology, history) of the event entitled "Out of crisis". With two sub questions: " Do we have to rely on market mechanisms? " or else "Favor for an increase in the power of the state?" – a classic and recurring alternative since the famous 1930s, when former banker Emmanuel Macron fears repetition.

Instead of thinking about the past, The Campus World suggests to look to the future. The wolves of Wall Street certainly did not become lambs in silence. The small music of the trade is always "In the mood" for many mathematicians. The growth in supply and demand remains robust – with or without Parcoursup – in the huge market that the very & # 39; marketed & # 39; world of business schools. The facs have long dreamed more virtuously, but their IAE (Institutes of Business Administration), trapped in the cyclone of public-private competition, began to think globalization, rankings, entrepreneurship … Yes, certainly, nothing change, but everything changes.

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