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students at the University of North Carolina that virtue is the most important element of personal success. When giving this lecture, we have found that street smart undergraduate business students at Brooklyn College and graduates in the evening Langone program of the Stern School of Business of New York University respond well to Buffetts testimony, perhaps better than they would to Aristotles timeless discussions in Nicomachean Ethics. Many academics will probably resist integration of ethical competencies into their course curriculums, and in recent years it has become fashionable to blame economists for such resistance. For example, in his book Moral Dimension, Amitai Etzioni equates the neoclassical economic paradigm with disregard for ethics. Sumantra Ghoshals article Bad Management Theories are Destroying Good Management Practices, in Academy of Management Learning and Education Journal, blames ethical decay on the compensation and management practices that evolved from economic theorys emphasis on incentives. We disagree that economics has been all that influential. Instead, the problem is much more fundamental to the humanities and social sciences and has its root in philosophy. True, economics can exhibit nihilism. For example, the efficient markets hypothesis, that has influenced finance, holds that human knowledge is impotent in the face of efficient markets. This would imply that moral choice is impotent because all choice is so. But the efficient markets hypothesis is itself a reflection of a deeper and broader philosophical positivism that is now pandemic to the entire academy.

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