There was an interesting book that came out some time ago called MBA: The First Century. Even from the beginning there have been opposites. Some say the MBA has become too theoretical; some say it's too applied. Some say it's too short-term-oriented; some say too long-term-oriented. Some say MBA grads are too ambitious; some say we need more ambitious MBAs. There's a constant debate about what MBA programs should look like.
The problem is getting the right balance. There are 12,000 business schools in the world, and Wharton and a couple hundred others are in business to create new knowledge and disseminate it. We have to get the right balance between theory and practice. We have 2 million subscribers to our journal Knowledge@Wharton, which is published in multiple languages. The reason I'm mentioning that is we're in the business of creating knowledge, and there's an immediate payoff from what we do. If we don't do research that helps firms in the wider world, then we're out of business. We have to prove that the research we do is valuable to businesses.
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