Kevin Meyer recaps the ideas of Improving Management Education by M.L. Emiliani in his post - The Lean MBA. I suggest reading his post and the original article.

In the Curious Cat Science and Engineering blog, The Future is Engineering points to 2 great essays on the secret of Silicon Valley. Guy Kawasaki puts it well, though in my opinion far to kind to our current MBA system (the inordinate focus on accounting does actual harm above and beyond the harm of ignoring what managers should learn):

Some previous posts here that talk about similar ideas: The Purpose of Organizations - Management Training Program - Performance Appraisal Problems - Find the Root Cause Instead of the Person to Blame - Respect for People - Management Advice Failures - What is Wrong with MBA’s - Common Data Analysis Problem - Manage what you can’t measure