FT has a scathing op-ed by Freek Vermeulen of London Business School [hat tip: Orgtheory.net]:
But business education clearly also suffers [due to the divide between teaching and research]. What is being taught in management courses is usually not based on solid scientific evidence. Instead, it concerns the generalisation of individual business cases or the lessons from popular management books. Such books often are based on the appealing formula that they look at several successful companies, see what they have in common and conclude that other companies should strive to do the same thing.
But how do you know that the advice provided is reasonable, or if it comes from tomorrow’s Enrons, RBSs, Lehmans and WorldComs? How do you know that today’s advice and cases will not later be heralded as the epitome of mismanagement?
See also: Timothy Devinney's response.
Related link: Michael Skapinker on Why business still ignores business schools