Numerical growth of business schools has been significant since their inception in India as well as the world over. Different categories of business schools surfaced, exhibiting varied emphases on 'theory' and 'practice' in classroom lectures. 'Lawlessness' in functional areas of management led to laissez- faire and all kinds of people and teaching material started entering the MBA classroom; and all kinds of business schools started emerging on the scene. Formidable threat faced by management programmes and management educators, today the current 'knowledge bowl' available for delivery in classrooms is criticized as lacking the status of science. Leading institutes of management endowed with faculty resources are the appropriate places to generate revised and refined theories of management by establishing centres geared towards econophysics and psychophysics.