Grades as Money and the Role of the Market Metaphor in Management Education

This article addresses grading, one process in the management education pedagogical framework, to explore how the economic metaphor underlying grading practices has shaped stakeholders' perspectives both of the purpose of education and of the meaning of grades. It is argued that the stakeholders of higher education interpret grades as a currency that neatly quantifies learning, permitting market comparisons and exchange. This money metaphor objectifies education. The economic metaphor and its effects on the educational process are discussed with the intent of increasing awareness of the implications of the metaphor. The metaphorical linkages between money and grades are explained. The social criticisms of money that help explain why the money metaphor is problematic for the education domain are reviewed. The main criticisms offered address the intrinsic nonmaterial goals of education and the student-teacher relationship, both of which are poorly represented by the grades-as-money metaphor. The implications of these criticisms for business schools are addressed.