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The sensitive types of the elite MBA world continue to show up in the comments on this one. They seem to be sweating the possibility that they aren't a boon to society. insidehighered.com/blogs/just-vis…
The defenses of the elite MBA culture are essentially the same, "We fund Alzheimer's research and the arts." They assume this would not have happened without a giant apparatus of venture capitalists looming over markets. That they believe this suggests HBS is brainwashing them.
The elite MBA crowd cannot even conceive of a world of public goods funded by public money. The Apollo missions, curing polio, GI Bill, etc...all erased from the elite MBA world view. It's almost a religious belief that the VC world is necessary to fund innovation.
I don't have the time to do a full analysis, but it seems almost certain that the VC culture injects far more inefficiency in innovation markets than an alternative. Heck, remember Juicero? That was $120 million, poof, down the drain on an idea a child could tell you was idiotic.
How about Theranos? If this had been government-funded research it would've been ended at its birth because scientists know that what was being promised defied human biology. Tell me about the necessity of the VC/elite MBA class again.
Alden Capital has an explicit strategy of sucking local newspapers dry as financial instruments. This is the kind of stuff dreamed up by people at Harvard Business School. niemanlab.org/2018/05/newson…
Or another example, as covered in @BrianRAlexander's "Glass House" about how financialization had a bigger role in killing a town's manufacturing base than globalization. It was killed by a NYC private equity firm. amazon.com/dp/B01IN8ZX7A/…
I was mostly "taking the piss" (as the British say) in that post, but the response from those inside the culture make me think we really should put elite MBAs under notice and start to hold them truly accountable for the harm they're doing.
