In Defense of Today's Undergrads

Doug Henwood dhenwood at
Sat Feb 13 13:17:07 PST 1999

JayHecht at wrote:

>I'm teaching at a small liberal arts state college in NJ, and I must say that
>the vast majority of students I'm teaching are serious and hard working.
>Probably over 1/3 are the first in their family to go to college. I have
>found that many lack confidence in themselves, and part of my job is to help
>them realize that they can tackle finance and what passes for "financial
>theory." For example, "agency costs' are discussed right in chapter 1. Now
>at least 75% of my day students (and 100% of my niters) work more than 20
>hours/week at pretty menial wages - they intuitively know that their wages
>aren't the source of "agency costs."
> I then go on to contrast "Jensenism" with Doug's argument about the
>distribution of financial assets - in fact, Doug should think about putting
>some sort of reader together, or even his own "anti Finance" text!

So, Jason, are they more interested in hearing what a wacky system of exploitation finance is, or are they looking to make 35% annual returns on their mutual funds?


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