Interview with Dean Snyder: University of Chicago Graduate School of Business(2)
S: No doubt that he was courageous and without that courage and his optimistic nature, he would not have survived the criticism of his views. But in terms of his role as a public intellectual who wanted to change the world and enhance the liberties of people in the U.S. and around the world, he also believed that good economics and good teaching could make a difference. Others, most notably George Stigler, had the opposite view. He believed that government and societies would make the same decisions independent of what economists told them because those decisions would be based on political interests, not economic analysis. Friedman of course never gave up on his ideas and what is amazing is that his tireless advocacy of smaller government succeeded in changing policy in so many areas – income taxes, volunteer army, and monetary policy. He did not succeed in his advocacy of ending local public school monopolies in the U.S., which has no doubt hurt the education of children in the U.S. He also was unable to win support for legalization of marijuana. But he won many people over and probably did more to enhance the liberties of people around the world than any other economist in history. Even his opponent, John Kenneth Galbraith, used to remark that “just because Milton Friedman said it doesn’t mean that it is necessarily wrong.”
Z: Obvious an economics department spawned batches of Nobel laureates is a big plus for the business school in the same university. Each year, the competitions between U.S. top-tiers are very intense. Compared with HBS, Wharton or Kellogg, what is unique about Chicago GSB? What is the competitive advantage to attract world class faculty, smart students and resources?
S: The Chicago Approach to Management Education is distinguished by how it leverages fundamental knowledge, its rigor, and its practical application to business challenges. At Chicago GSB we question every answer and test every result. Our rigorous approach and free market thinking teach people how to think, not what to think. Another point of difference between Chicago and the schools you have mentioned is that our curriculum is more flexible. Of the 21 courses students must take to graduate; only one has no approved substitute. This allows our students to select courses that are tailored to their interests and career aspirations. Many of our faculty choose to teach here because of the high level of colleagues they find themselves working with at Chicago GSB.
Z: The typical layout for MBA education is that, first year students are required to take a core of classes together. But in Chicago, students just pick and choose, which has created a negative effect of lacking esprit de corps among the students. Do you think the situation has changed now?
S: Chicago GSB has a very supportive environment and features a great deal of teamwork among students. The school supports students, and the students support each other, resulting in a strong sense of community. All first-year MBA students are assigned to a cohort with about 50 other students in Leadership Exploration and Development (LEAD), the only course in our curriculum that does not have an approved substitute. LEAD allows students to practice and perfect leadership skills including how to build and maintain relationships, how to motivate others, and how to influence outcomes in any business environment. The strong sense of community and teamwork here are partly responsible for the successes enjoyed by our students. Recently, for example, a team of Chicago GSB students took first place in the A.T. Kearney global consulting competition, and shared first place in the National IPO Challenge.
Z: A professor in Chicago business school once said, “the best dean for me is someone who’ll leave me alone to do my research”. This university-wide issue of neglecting teaching duty is particularly pressing for Business school, where MBA students are demanding for excellent teaching. So, Dean Snyder, how do you combat that deep-seated attitude without jeopardizing the school’s hallmark commitment to research?
