Glenn Hubbard, the Russell L. Carson Professor of Finance and Economics, became dean of Columbia Business School on July 1. Hubbard served as chair of the Council of Economic Advisers to President George W. Bush from 2001 to 2003, and he has been a consultant to many corporations. On the eve of assuming leadership of the School, he offered some reflections.
Serving as chair of the Council of Economic Advisers to the president is perhaps the ultimate opportunity for one’s research to influence actual policy. How might your long career as an economist inform your tenure as dean?
Public service is important to me as a chance to contribute to the study of big challenges. I have been fortunate enough to hold policy posts in the U.S. Treasury Department, the White House and the OECD, and I enjoy trying to bring economic ideas into action. As an economic adviser, you learn that you are one source of input, and your reach is extended by providing an aspiration, persuasion and building consensus. These roles should be served by a dean too.
Dean Feldberg told the FT that “the next dean will decide the changes for which the School needs to prepare leaders for the next 30 years.” What do you foresee as some of these challenges?
I am proud that Columbia has been a leader in the movement to make globalization a strong feature of our MBA and EMBA programs. The challenges we face going forward mirror those of the economy. Prospects for strong economic growth in the United States relative to many of our trading partners reflect the enormous flexibility in management and finance and the allocation of workers and risk capital. There is valuable research being carried out at Columbia and other top business schools. We need to make sure that research has an impact on the practice of business and the ideas and body of knowledge imparted to the managers and leaders of tomorrow.
Students—and alumni and faculty—face major opportunities. Imagine the possibilities for economic growth and business [promised by] better institutions to support commerce and finance in emerging markets. Or the needs of a vibrant middle class in China and India. Or the wealth- creating possibilities for corporate restructuring in Europe. Or the possibilities for financial innovation with widespread personal accounts for Social Security in the United States.
There are challenges as well—globalization has brought fierce competition to the doors of large companies, entrepreneurial businesses, workers and managers alike. Our economy is the better for it. Yet globalization has come under attack. Business schools—through research, teaching and outreach—should offer a forum for careful consideration of competing ideas about globalization.
More generally, business schools cannot predict what will happen. But research, teaching and their impact on practice should focus on identifying opportunities.
As you begin your tenure as dean, what are some of the ideas you have about future strategies for the School?
I see research and teaching at a great place like Columbia as providing the ability to identify opportunities and address needs in business and the society at large. Research and teaching must grapple with problems and opportunities in the world—which do not generally come in “discipline” flavors. Columbia has been a leader in weaving interdisciplinary ideas through the curriculum. Entrepreneurship and leadership are vital subjects for deeper integration into the curriculum.
We need to make sure that our faculty research and research centers have as significant an impact on practice as possible. By this I mean not just the research of individual faculty members, but of faculty teams—cutting across disciplines—with research centers serving as organizing vehicles. High-impact research also has big payoffs for teaching.
Columbia has a strong brand, and we have opportunities for expanding our reach around the world. To do so requires new ways of partnering with colleagues around the world to foster strong teaching and research collaborations. But the payoff is not just to Columbia and students, alumni and faculty. Changing managements and organizational and financial practices can help create wealth and prosperity for many citizens of the global economy.
You already have a strong connection to many alumni. What would you like them to know about your plans for the School?
Alumni are a critical part of the School community. The phrase “a student for two years, an alum for 50” is apt—the alumni network benefits students, the School and alumni themselves. We need to continue building a two-way bridge for alumni—offering value and networks to alumni, while asking alums to contribute their time, talents and resources.
I will be reaching out to alumni groups in the fall to discuss some ideas for strengthening the Columbia Business School brand and increasing the impact of teaching and research on organizations and finance.
Becoming dean of an institution like Columbia Business School is an extraordinary opportunity, and perhaps this is especially true for you, Professor Hubbard, because of the place that the School now holds. Could you comment on that?
I am excited and honored to be dean of the School, and I am humbled by the confidence of my colleagues, students, alumni friends and the University leadership. This is a great business school. I would not trade Columbia students for students at any other business school. Our alumni have populated the ranks of success in finance, business and the world at large.
We can be even better. We need to foster a stronger spirit of entrepreneurship and leadership, and we need to build a stronger bridge from ideas to problems and practice. We face many opportunities, in the world and in a great university.
I can’t wait to begin.
—D.K.
