<p>Reading the last portion of the thread on application vs. theory, I almost feel like I am answering a question from a petulant high school student “why do I need to take Algebra? None of my adult relatives and family friends tell me they need anything more than basic addition, subtraction, very rarely multiplication and even more rarely division in their daily life?”</p>
<p>Well, the value of good education does not just lie on immediate, practical things one could do RIGHT NOW based on what s/he is learning. The whole idea of education is to expand one’s mind so that s/he can handle the questions that have not been foreseen or asked yet, and so that s/he is ready to deal with more possibilities than those immediately apparent. Theories hold together a framework from which various applications appropriate for diverse situations can spring. Applications are just that: they apply to particular situations here and now, but cannot provide a framework that can beget more applications when the here-and-now reality changes. </p>
<p>The world is changing so rapidly. Unless universities can teach their students ALL permutations of applicable realities, it’s dangerous and foolish to focus application as a focus of an undergraduate education for long term survival and success.</p>
<p>My son want to join the Wall Street right out of U of Chicago, work for a few years, and then maybe go to B school. All the more reason I am happy to see him go to U of Chicago: this may be the only four years where he can TRULY drill himself in the world of rigorous theories and frameworks. I want his mind to go through this process so that he will be able to deal with all permutations of applications later in life with solid fundamentals as a basis. Once he joins outside life, he will never run short of practical stuff. It’s the theoretical rigor and intellectual precision that may never surround him in abundance. So, glad to see him stock up on this precious commodity. My son was not accepted by Wharton, and secretly I am sort of happy in a way. If he got the acceptance, the location and immediate appeal as the world’s best B school would have made it his choice over Chicago. But… I always had this rather “condescending” attitude toward Wharton as a glorified vocational school - good enough for MBA training, but selling out this early in one’e life to vocational training? Not cool! (Not a sour grape: I am a Wharton MBA).</p>
<p>In my professional experience, I can always spot people who are shooting from their hips: these are usually people without firm grasp of the whole framework and structure, and most of their kakamamie (sp?) ideas and practices are mistakes on a longer term, even if they may appear to work on a very short term basis. By the way, I have a PhD/MBA, and I am not in academia, rather in a cut through business environment. My Wharton MBA may be a prestigious thing, but it’s actually my PhD in a field that seem totally unrelated to what I am doing now that is truly giving me an edge in terms of the way I approach business matters in a very principled manner. Rather than shooting from the hip, I always evaluate all the options I have and analyze the total business problems from a structural point of view. AND I am a very effective business woman. I thank my rigorous PhD training for this. If anything, it’s my Wharton MBA that I could have done without, other than the fact that it looks glamorous. All the practical things you learn even at the best B school, you can EASILY pick up simply doing your job in the business world. B schools are mostly for the prestige and connections, nothing much more.</p>
<p>To IHateUofC: I say this: if you just wanted to learn how to do things on the spot, you should have gone to a vocational school. It’s a shame that you wasted 4 fours of your life and a spot at the University that could have gone to someone better suited with the elite college educational goals.</p>