On the Record: R. Glenn Hubbard

The economy might be booming, but business as a profession continues to suffer a black eye. The Enron convictions and soaring CEO pay have helped craft an image of greedy, uncaring executives. Critics have chastised students for choosing business or law over science, engineering, or the humanities. R. Glenn Hubbard, dean of Columbia's Graduate School of Business, deals with such issues every day. The former chairman of the president's Council of Economic Advisers during George W. Bush's first term spoke with deputy business editor Rick Newman.

What's the bad rap on business?

There's this idea that people should look elsewhere if they want to do something that's noble. But business itself is noble. The best thing we can do for less fortunate countries is help them develop businesses and jobs.

What's the benefit of an M.B.A. today?

When I talk to M.B.A. grads a few years down the road, they always say, "Something I learned through a class experience helped me grab an opportunity when it came across the plate."

What do you try to teach?

Students need to be constantly seeking, so that when the right opportunity comes along they can grab it. We place an emphasis on an ability to think on your feet and adapt quickly.

More students are opting for business and fewer for science and engineering. Is there anything wrong with that?

Well, we've been losing students to law schools. But I don't think it's a problem if students vote with their feet. Business and law are intuitive to students. Science may be less intuitive.

How does globalization affect your students?

My students are unambiguous beneficiaries of globalization. They're very globally aware. A large chunk of our American students have worked abroad. If anything, we're trying to get the faculty to bring more of the world into the classroom. Get them to write case studies on business in China, for example.

How has Columbia dealt with Enron and all the other ethical scandals?

When I was in Washington and all of this started to happen, none of the business schools were talking about it much. It would have been a great pulpit for the business schools to stand up and say, "This is not what business is about." Now, we teach courses on the trade-offs between individuals, business, and society. Usually the boss doesn't come in and say, "Will you lie, cheat, and steal for me?" It's usually more subtle. We try to illustrate the slippery slope. We had Chuck Prince [CEO of Citigroup] come in, and he and I held a 90-minute panel. He told how the scandals had taken a toll on Citigroup, the difficulty of changing a whole culture that had gone one way for a while. He was very frank and candid. I think it's a lot better for the students to hear about this from professionals who have dealt with it than to have designated ethics classes.

You have a 15-year-old son. What advice do you give him as he starts to think about what to study and what career to choose?

I try not to give him advice, because I know he'll just do the opposite. But what I'd tell teenagers today: Pick a good liberal arts school, and learn how to think.