In an interesting NYTimes column, we find this bit of history of management education at Yale:
Like Harvard and other colleges and universities, Yale has been struggling with the broad issues for a very long time. It once experimented with an undergraduate business program, to prepare students for life beyond college, but shut down that program in 1954. In the 1960s, during the Vietnam War, antipathy to the business establishment increased. According to the former Yale Graduate School dean John Perry Miller, in his book “Creating Academic Settings” (J. Simeon Press, 1991), there was open “hostility” to the idea of business-oriented education at Yale.
Nonetheless, Yale produced many fine businesspeople. But because of this hostility, Yale did not start a business school until 1976, and even then denied that it was just a business school: Instead of offering a Master of Business Administration, it initially conferred only the more idealistic-sounding Master of Public and Private Management. Before 1976, the university had a great economics department, imbued with a lofty sense of pure theory and mathematics, but it was not focused on practical business education.
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Update: I don't know why, but all this history of management education at Yale somehow made my mind wander over to a post from 2010 -- Effects of a Liberal Arts Education on Managers!