Amarnath Bhide

Amar Bhidé

617-627-5829
Research/Areas of Interest:

Entrepreneurship; Strategy; Financial markets; Firm governance; Medical Innovation; Productive Knowledge

Education

  • DBA, Harvard University
  • MBA, Harvard University
  • B.Tech, Indian Institute of Technology

Biography

Bhidé, the Thomas Schmidheiny Professor at the Fletcher School at Tufts, is completing a book on Knightian uncertainty.  He served as a Visiting Professor at Harvard Business School (HBS) during the 2020-21 academic year. At HBS he created and taught an elective course, ‘Lessons from Transformational Medical Advances,’ drawing on his research on the nature and development of productive knowledge (including  medical advances).

Previously the Laurence D. Glaubinger Professor of Business at Columbia University, Bhidé has been studying innovation and entrepreneurship for more than thirty years . He served on the faculties of HBS (from 1988 to 2000) and the University of Chicago’s Booth School of Business. A former Senior Engagement Manager at McKinsey & Company and proprietary trader at E.F. Hutton, Bhidé served on the staff of the Brady Commission which investigated the stock market crash of 1987.

Bhidé is a founding member of the Center on Capitalism and Society and spearheaded the launch of its journal, Capitalism and Society in 2005 which he edited (with Prof. Edmund Phelps) until 2017. He is also a life member of the Council on Foreign Relations, a Fellow of the Royal Society of Arts (RSA), and serves on the board of the Scottish Mortgage Investment Trust (an FTSE 100 company that invests in high tech companies mainly in the US and China) as an independent director.

His 2008 book, The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World, (Princeton University Press) won the Association of American Publishers’ PROSE Award for Professional and Scholarly Excellence in Business, Finance, and Management, and was in the “Best of 2008” lists of the EconomistBusinessWeek and Barrons. Bhidé’s 2000 book, The Origin and Evolution of New Businesses (Oxford University Press) has been translated into Spanish, Chinese and Tibetan. He is also author of A Call for Judgment: Sensible Finance for a Dynamic Economy (Oxford 2010)  and Of Politics and Economic Reality (Basic Books 1984).

His ten Harvard Business Review articles — the first published in 1982 — include “Hustle as Strategy” (1086),  “Bootstrap Finance: the Art of Start-ups (1992),””How entrepreneurs craft strategies that work (1994),”  and “The Judgment Deficit” (2010). His work on financial markets and governance includes “The Hidden Costs of Stock Market Liquidity” in the Journal of Financial Economics. He has written numerous articles, dating back to 1981 in the Wall Street Journal, the Financial Times, The New York Times, Quartz, Project Syndicate, Bloomberg Opinion, POLITICO Europe, BusinessWeek, Forbes, and The LA Times.

Bhidé earned a DBA (1988) and an MBA with high distinction as a Baker Scholar (1979) from Harvard. He received a B.Tech from the Indian Institute of Technology in 1977.

Professional Activities

  • Founding member of the Center on Capitalism and Society; organized the launch of its journal, Capitalism and Society and served as editor for 12 years
  • Life Member of the Council on Foreign Relations
  • Member of the Brady Commission staff that investigated the 1987 stock market crash
  • Fellow of the Royal Society of Arts (RSA)
  • Former proprietary trader at E.F. Hutton
  • Former senior engagement manager at McKinsey & Company
  • Served on the faculties of Harvard Business School (1988 to 2000) and the University of Chicago's Graduate School of Business
  • Lawrence D. Glaubinger Professor of Business at Columbia University (form 2000 to 2009)
  • Independent Director at the Scottish Mortgage Investment Trust

Courses Taught

Selected Publications and Presentations

BOOKS

A Call for Judgment: Sensible Finance for a Dynamic Economy: Oxford University Press (September 2010)

Stevenson, H.H., Grousbeck, H.I., Roberts, M.J., and Bhide, A.V., New Business Ventures and The Entrepreneur, 5th ed. Burr Ridge, IL: Irwin/McGraw-Hill, 1999.

Sahlman, W.A., Stevenson, H.H., Roberts, M. J., and Bhide, A.V., The Entrepreneurial Venture, Boston, MA: Harvard Business School Press, 1999.

Of Politics and Economic Reality. Basic Books, New York: September 1984.

The Origin and Evolution of New Businesses. Oxford University Press: January 2000. (Spanish translation2001, paperback 2003, Chinese translation 2005)

The Venturesome Economy: How Innovation Sustains Prosperity in a More Connected World Princeton University Press (2008)

 

ARTICLES, WORKING PAPERS & BOOK CHAPTERS AFTER 2010

“Entrepreneurial Specialization: How Subjective (“Knightian) Uncertainty Matters” Working paper, December 2021

The Selective Sovietization of American Capitalism” Project Syndicate December 31 2021

“Renewing Knightian Uncertainty: A Pragmatic Prospectus and Demonstration.” Harvard Business School Working Paper, No. 21-129, June 2021

“Capitalism Won’t Thrive on Value Investing Alone.” Harvard Business Review Digital Articles (June 1, 2021).

“Making Economics More Useful: How Technological Eclecticism Could Help.”  Journal of Applied Corporate Finance 33, no. 1 (Winter 2021): 122–133. (Adapted from Applied Economics article below).

Symmetric Ignorance: The Cost of Anonymous Lemons” European Financial Management. 2021; vol 27. Iss. 3: 414– 425. Also available at SSRN: https://ssrn.com/abstract=3439105

“Making Economics More Useful: How Technological Eclecticism Could Help.” Applied Economics, 52:26,2862-2881,  Available at SSRN: https://ssrn.com/abstract=3031221

“Note on Productive Knowledge.”  Harvard Business School Working Paper, No. 21-010, July 2020. (Revised April 2021.)

With Leif Pagrosky, 2020, “Separated By A Common Infection” Think Global Health (published by the Council on Foreign Relations) May 6, 2020

Murky Data Calls Into Question Quarantine Strategy” Financial Times March 25 2020

To Make Banks Stable, End, Don’t Mend, the Repo Market” 2019. Wall Street Journal. October 2, 2019

“Congress Should Set the Fed’s Inflation Target—Ideally at Zero.” 2018. Wall Street Journal. November 7, 2018

Skepticism Beats Snopes as an Antidote to Fake News.” 2018. Wall Street Journal. June 8, 2018

Corralling the Info-Monopolists” Project Syndicate May 14 2018

Why We Need Traditional Banking” National Affairs Winter 2018 pp. 78-92

“Formulaic Transparency: The Hidden Enabler of Exceptional U.S. Securitization”(2017) Journal of Applied Corporate Finance Vol 29. No. 4 pp.96-111

Constraining Knowledge: Traditions and Rules that Limit Medical Innovation“, 2017. Critical Review Vol. 29 iss. 1 no.1 pp 1-33 edited from (How) Can We Do Better? Lessons from HIV-AIDS

On the futility and hazards of monetary heroics“. Published (after translation) in Ekonomisk Debatt Issue 4/2017 by the Swedish Economic Association

Equifax Critics Are Missing the Bigger Point. 2017. Wall Street Journal. September 13, 2017

Easy money is a dangerous cure for a debt hangover.” 2016. Financial Times August 17, 2016

“When it comes to ISIL Europe is repeating the sins of its fathers”  Quartz January 7 2016

With Anders Barsk “Brexiters are making a dangerous mistake in their argument for leaving the EU” Quartz June 21 2016

Third World in the First World Politico – Europe on line July 3 2015

On the Increasing Centralization of US Money and Credit. June 2015. Center on Capitalism and Society Working Paper No. 86.

The Demise of US Dynamism is Vastly Exaggerated – But Not All is Well” 2015 in Understanding the Growth Slowdown, ed. Brink Lindsey Washington D.C.: Cato

Support for Free Speech Is Not Support for More Surveillance, 2015. January 22 2015, Washington Monthly on-line

“Profits Don’t Create Inequality” 2014 Barron’s November 22 2014

With Pankaj Ghemawat “Clay Christensen’s theories are great for entrepreneurs, but not executives” Quartz  October 9, 2014

“Don’t believe brokers, the government, or Piketty” Quartz May 31 2014

“A Law Unto Themselves” City Journal January 30 2014

“Re-Decentralizing the Fed” Project Syndicate October 9 2013

“Wanted: A Boring Leader for the Fed” New York Times August 21 2013 p A23

With Edmund Phelps, “Central Banking Needs Rethinking” Wall Street Journal July 16, 2013, page A15

“Skinned in the Game” Barrons June 23 2012

With Christopher Papagianis “To Save Money-Market Mutual Funds, Scrap Them” Bloomberg.com June 13 2012

“In Praise of the Beleaguered Euro” (2012) Wall Street Journal May 8 2012 A13

“Debt Reckoning for Europe” Project Syndicate April 2012

“Bring Back Boring Banks” (2012) New York Times January 4, 2012 p. A23

“Messy Government is a must for modern America” (2011) Financial Times October 6, 2011 p.9

The Indeterminate Goodness of the Economy (and Life)” Comments at The Center on Capitalism and Society’s 9th Annual Conference on: “Philosophical Foundations of Economics and the Good Economy: Individual Values, Human Pursuits, Self-Realization and Becoming”

With Edmund S. Phelps, “The Root of All Sovereign-Debt Crises” Project Syndicate August 2011

With Edmund S. Phelps, “More Harm Than Good”Newsweek July 11, 2011

“Bank Regulation’s Capital Mistake” Project Syndicate July 2011

“The Upside of Spending” New York Times Opinion February 8 2011

Ants and Astronauts” (forthcoming) in Foundations for a Macroeconomics of the Modern Economy,Frydman, Roman and Edmund S. Phelps (eds.), Princeton University Press.

“Venturesome Consumption, Innovation and Globalization” (2011) in Perspectives on the Performance of the Continent’s Economies,
(eds.) Phelps, Edmund S. and Hans-Werner Sinn, Cambridge, MIT Press.

To fix our banks we must go back to the 70s” (2011) Financial Times January 10, 2011 p.9

Venturesome Consumption, Innovation and Globalization” (2011) in Perspectives on the Performance of the Continent’s Economies, (eds.) Phelps, Edmund S. and Hans-Werner Sinn, Cambridge, MIT Press.

“Financing the venturesome economy” 2011. in Innovation: How Europe Can Take Off  (eds.) Philip Whyte and Simon Tilford, London: Center for European Reform

“The Trouble with Robo-Lending” (2010) Wall Street Journal November 13 2010 A11

“Don’t Expect Much From the R&D Tax Credit” (2010) Wall Street Journal September 11 2010 A15

“The Judgment Deficit” (2010) Harvard Business Review Vol. 88 No. 9 p.44-53

 

HARVARD BUSINESS SCHOOL WORKING PAPERS ON TRANSFORMATIONAL MEDICAL ADVANCES

With Srikant M. Datar. “Fecal Microbiota Transplants (FMT)”  Harvard Business School Working Paper, No. 21-132, June 2021

With Srikant M. Datar. “Chimeric Antigen Receptor (CAR) T-Cell Therapy.”  Harvard Business School Working Paper, No. 21-034, August 2020.

With Srikant Datar, and Katherine Stebbins. “Cephalosporins.” Harvard Business School Working Paper, No. 20-133, July 2020. (Revised June 2021.)

With Srikant Datar, and Katherine Stebbins. “Tamoxifen.”   Harvard Business School Working Paper, No. 20-134, July 2020. (Revised June 2021.)

With Srikant M. Datar, and Katherine Stebbins. “SSRIs and Non-SSRIs: (Prozac).” Harvard Business School Working Paper, No. 20-135, July 2020. (Revised June 2021.)

With Srikant Datar and Fabio Villa “Coronary Artery Bypass Grafting.” Harvard Business School Working Paper, No. 20-010, July 2019. (Revised June 2021.)

With Srikant Datar and Katherine Stebbins “Ultrasound.” Harvard Business School Working Paper, No. 20-003, July 2019. (Revised June 2021.)

With Srikant Datar and Katherine Stebbins. “Magnetic Resonance Imaging.” Harvard Business School Working Paper, No. 20-001, July 2019. (Revised July 2021.)

With Srikant M. Datar and Katherine Stebbins. “Mammography.” Harvard Business School Working Paper, No. 20-002, July 2019. (Revised June 2021.)

With Caitlin N. Bowler, and Srikant M. Datar. “Laparoscopy.” Harvard Business School Working Paper, No. 20-008, July 2019. (Revised June 2021.)

With Srikant M. Datar, and Katherine Stebbins. “HIV Tests and AIDS Treatments” Harvard Business School Working Paper, No. 20-007, July 2019. (Revised June 2021.)

With Srikant M. Datar, and Katherine Stebbins. “Eradicating Helicobacter Pylori Infections to Treat Ulcers.” Harvard Business School Working Paper, No. 20-006, July 2019. (Revised June 2021.)

With Srikant M. Datar and Katherine Stebbins. “Gastrointestinal Endoscopy.” Harvard Business School Working Paper, No. 20-005, July 2019. (Revised June 2021.)

With Srikant M. Datar and Katherine Stebbins. “Computed Tomography.” Harvard Business School Working Paper, No. 20-004, July 2019. (Revised June 2021.)