The Financial Crisis, information overload and university life
It is difficult to go through a day without some thought about the global economic crisis.
The reasons for the meltdown range from sub-prime lending behavior, to complex financial derivatives and credit default swaps.
I think there may be another less complex but equally vexing reason.
The ability to create, accumulate and distribute information is incalculably greater today than ever before and the pace of each of these activities is breakneck and increasing. No one knows how to effectively manage and discern the value and complexity of this information.
Might the flow of capital and the creation of complicated “packages” of capital and capital related instruments ($62 trillion of credit default swaps diffused through global markets) match our capacity for information flow? If so, it is clear there is a lack of ability for due diligence to keep pace with the flow of capital. Simply stated, there was too much money and assets, assembled with too much information for even the most sophisticated capitalist to correctly assess the risk. It is a massive game of musical chairs, played in a room so large you don’t know how many seats exist or how many people are playing the game. The music is played faster and faster and when it stops there simply are not enough seats for the players.
Universities play a crucial role in the creation and dissemination of knowledge and information. We must gain greater understanding of the impact of information overload and teach parsing and assimilation skills. This is a time for careful reflection and we have to make sure students are capable of that thoughtfulness.
It is the mission of Philadelphia University to prepare students to thrive in diverse and challenging environments. Our strategic plan strongly endorses that. Creation of DEC will provide even stronger foundation to carry out the mission. Our graduates will have the required knowledge management skills to navigate complex and overwhelming amounts of information - conflicting at times. We should strive to teach students methods that will enable them to acquire deeper understanding of information. Equipped with such tools and knowledge, the possessor of this refined kind of information will have an important advantage in being able to respond rapidly and appropriately in making critical decisions in an evolving global marketplace.
I would agree on some accounts from Dr. Spinelli and Les. As a graduate and a previously involved student with the college, I can say that PhilaU has helped me a little bit in preparing myself for the business world and financial environments that we are experiencing today. I would argue that most preparation comes from individual discipline rather than the University though…
However that being said, recent graduates of PhilaU are losing their jobs at an overwhelming rate, most of which did not even acquire their jobs through the assistance of the University (although it seems as though I read a lot that states they do).
My question is - what is PhilaU doing differently other than “making sure students are capable of that thoughtfulness”? Some students take out loans well over what they can comfortably afford even after graduation - what is PhilaU doing to make such investments worth while other than restating the same lines of every other college and business in the US today?
Philadelphia University graduates have a long and well documented history of obtaining jobs in their chosen fields. Our survey of seniors can be found on our web site at http://www.philau.edu/career/success/index.htm
Clearly, students who get better grades have more options but overall placement is far ahead of most colleges and universities.
Having said that, no one and no school is immunne from the current economic environment.
The economic turmoil underscores the need for practical inter-disciplinary understanding of complex information and behavior data. Our strategic plan (http://www.philau.edu/strategicplanning/) articulates the curriculum development for this active, collaborate and real world study that will help teach the skills needed to deal better with an ever increasing global complexity.
Interesting commentary. I think that there are real opportunities to be found in this particularly uncertain and scary predicament Americans find themselves in today–especially recent college graduates. After all, this generation is better suited than most to wrangle the issues that plague our American economy, our global economy. Why? If nothing else than because this generation has a frighteningly larger stake in its outcome (read: college loans, job losses).
It certainly pleases me to see that Philadelphia University is taking serious steps toward using this volatile period of time to reinvent itself (in a sense) and help prepare its students to answer the questions that our economy, our country, and our world is challenging them with. I hope, however, that the University is viewing the current crisis from every possible angle, and not just as a gross imbalance of IT capacity to the global capitalization of markets (especially through mind-bending financial instruments like credit swaps and derivatives).
There are other capacities of students that need to be developed in conjunction with the more technical training–that could in fact be found at other institutions. Yes, there were “too many assets…for even the most sophisticated capitalist to correctly assess risk,” but what about to correctly assess ethical responsibilities to fellow citizens? to a properly functioning, fair, and equitable economy? And in some cases blatant disregard for established law (see: financial statements, Société Générale, 2007)?
I hope that Philadelphia University finds creative solutions to today’s technical problems–they are numerous, but there are always innovative ways to counter these difficulties (such as credit swaps and derivatives). I hope the University instead finds creative ways to instill in its students a sense of character, integrity, and an ethical base regardless of discipline, to reinforce the strong technical training students undoubtedly receive.
This time around, let’s actively seek out the “right” thing to do; not just ways and methods to avoid it.
I loved the “musical chairs” metaphor. A lot of us played that game as children. Even some of us relatively uncompetitive little ones who played because everyone else was playing, can bring up that swirling, rushing and anxious memory.
I think a University is only as strong as its alumni. If you do not have a strong placement for graduates, then the University will always stay mediocre. There are many connections a University can make for its graduates, which would play into the redefining concept. As a parent of a graduating senior, I received a request for a donation to the University for preparing my child for the future. I will hold off on that until I see if the investment was worth it!
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