Podcast Notes Playlist: Latest Episodes The 10 Core Myths Still Taught in Business Schools | Frankly 99
Jun 29, 2025
Nate Hagens, Director of The Institute for the Study of Energy and Our Future, dives into the myths that pervade business school curriculums. He argues that the conventional narrative of infinite growth fails to recognize our biophysical realities. Hagens critiques the view of humans as rational actors, emphasizes the vital role of energy in economics, and sheds light on misconceptions about money and debt. He advocates for rethinking economic success beyond GDP, aiming for a system that respects ecological limits and human complexities.
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From Chicago To Bigger Questions
- Nate Hagens recounts graduating from the University of Chicago with a master's in finance thirty years ago.
- He says business school taught a narrow boundary story that shaped his later curiosity about real-world systems.
Price Isn't Value
- Market price does not equal true value because willingness to pay reflects ability, not importance.
- Markets systematically overproduce luxury goods and underprovide essential public goods and ecosystem services.
Humans Are Social, Not Rational Robots
- Humans are not rational utility-maximizers; we are social, emotional, and loss-averse.
- Economic models assuming homo economicus create fragile institutions that don't fit real human behavior.
