On Organizations and Markets Peter Klein asks, should business schools should be like medical schools? Fabio Rojas on orgtheory.net suggest using the medical school as a model. He is right, but let us take it a step further. Medical schools have teaching hospitals. Let us have teaching companies in business schools. There are already student run coops and newspapers in many universities.
The advantages of teaching companies are several. You could increase the length of the MBA program and make it partially or optionally work-study, and therefore more affordable. You could recruit younger students with less previous work experience, and therefore with lower opportunity costs of studying. You could encourage faculty members to practice what they preach. There is nothing like profit-and-loss responsibility to reconnect you to the real world. And who knows? You might even make some money.