Guildthink

Dean Yeager: Dr...Venkman. The purpose of science is to serve mankind. You seem to regard science as some kind of dodge, or hustle. Your theories of the worst kind of popular tripe, your methods are sloppy, and your conclusions are highly questionable. You are a poor scientist, Dr Venkman.
Dr Peter Venkman: I see.
Dean Yeager. And you have no place in this department, or this university.
--Ghostbusters

In a WSJ article, Amity Shlaes suggests that the economics profession is guilty of 'guildthink.' Economists shut out innovative ideas in favor of status quo concepts. Such a notion, of course, is not new. Narrow, status quo thinking has influenced scientific progress for centuries.

Indeed, when viewed through the lens of institution theory, guildthink is a predictable phenomenon. Social pressure builds inside the economics field to promote such normative isomorphism.

Over time, growing uniformity of isomorphic behavior reduces the variation necessary for successful adaptation. Pressure to adapt overcomes pressure to conform, which topples guildthink status quo in favor of ideas with more validity.