Found 3 article(s) for author 'Rakesh Khurana'

How Neoclassical Economics Corrupted Business Schools, Corporations, and the Economy

How Neoclassical Economics Corrupted Business Schools, Corporations, and the Economy. Rakesh Khurana, July 14, 2016, Opinion, “Since the mid-1970’s neoclassical economic theory has dominated business school thinking and teaching in dealing with business ethics. Neoclassical economic theory employs an incorrect model of human behavior that treats managers as selfish maximizers of personal wealth and power. This model, often referred to as Homo economicus, implies that a firm’s board of directors can best further stockholders’ interests by (a) selecting managerial personnel who are focussed virtually exclusively on personal financial gain, and (b) inducing them to act as agents of the stockholders by devising incentives that minimize the difference between the financial returns to stockholders and the firm’s leading managers.Link

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What Happened When Homo Economicus Entered Business School

What Happened When Homo Economicus Entered Business School. Rakesh Khurana, July 14, 2016, Paper, “Since the mid-1970’s neoclassical economic theory has dominated business school thinking and teaching in dealing with business ethics. Neoclassical economic theory employs an incorrect model of human behavior that treats managers as selfish maximizers of personal wealth and power. This model, often referred to as Homo economicus, implies that a firm’s board of directors can best further stockholders’ interests by (a) selecting managerial personnel who are focussed virtually exclusively on personal financial gain, and (b) inducing them to act as agents of the stockholders by devising incentives that minimize the difference between the financial returns to stockholders and the firm’s leading managers.Link

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From Social Control to Financial Economics: The Linked Ecologies of Economics and Business in Twentieth Century America

From Social Control to Financial Economics: The Linked Ecologies of Economics and Business in Twentieth Century America. Rakesh Khurana, March 2011, Paper. “No transformation looks more consequential for the history of American higher education than the extraordinary rise of business schools and business degrees in the twentieth century. Marion Fourcade (UC Berkeley) and Rakesh Khurana (HBS) analyze the changing place of economics in American business education as reflected in the teaching of three elite business schools over the course of the twentieth century…” Link

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