Is management education beneficial to society?

This paper examines whether or not US‐style management education is beneficial to society and presents a review of recent events, which suggest that management education must be improved. Two principal approaches to management education and resulting practice are presented and framed differently to better reflect and comprehend societal impacts. They are termed high waste and low waste, where waste is defined as activities and behaviors that do not add value and can be eliminated. High waste management practice, or conventional management, is what the majority business schools teach. Low waste management practice, rooted in the principles and practices of the Toyota Management System, is much less common in business school education. Proposes three improvements to management education that will deliver greater benefits to society while simultaneously promoting the interests of business.