Now that the teachings of business school have proved to create groups of blind mice, some of the better ones are rethinking their programs.

For some academics, the financial crisis is the ultimate "teachable moment" for anyone destined to work in financial markets, big business and start-ups, and is forcing the schools to rethink the way they teach the art of making money.

Preparing future executives for any eventuality at the top of corporations is becoming the new vogue, replacing an emphasis on simply making money using short-sighted business plans and discredited risk models.

Our younger faculty are willing to entertain ideas that would have been offensive 20 years ago," such as psychological biases in markets, he said.