Q: This issue raises the question, “Who needs leaders?” Where are leaders needed now?
Oster: I think “explaining it to the world” is increasing in importance. Think about these last couple of years. In the midst of the financial crisis, when Lloyd Blankfein said to a reporter that he was “doing God’s work” in allocating capital, that was an expression that all of us in business schools completely understood. And yet I read the quote and thought, “Oh, my goodness. That was really not a good way to put it.” And it is clear that he lapsed in his ability to explain to the world what was good about investment banks, what was useful about the capital-allocation function.
Q: Do you see business leadership as being synonymous with leadership? Is it a subset? And how big a piece of the university’s mission is training students to go out into the world of business?
[This article has been reproduced with permission from Qn, a publication of the Yale School of Management http://qn.som.yale.edu]