Sociology: the scientific analysis of a social institution as a functioning whole and as it relates to the rest of society.So, that seems very promising. Some scientists, who specialize in the analysis of institutions and the role those institutions play in society, are going to figure out the economics profession.
Here's what I'm thinking. I've never taken a sociology course, but being a social scientist maybe I can guess how a sociologist might think about the institution of economics. What is the social role of the economics profession? First, human beings have a need for pure scientific knowledge - we just want to know what is going on. How do economic systems work? Why are some countries and individuals so poor, and why are some so rich? Why do prices of goods, services, and assets move around over time? Second, human beings have a need for applied science. How do we take what we know about economics and use that knowledge to make human beings collectively better off? Third, we might be interested in where economics came from. Who were the first economists, and how did they put together the seeds of economic knowledge? How is the economics profession organized? How is economics taught? Fourth, what makes economics different from other disciplines? If there are large differences in economics, are the human beings who do economics somehow different, for example do they self-select as economists due to particular skills they possess? Is economics different by chance, or is there something about the nature of things that economists study that makes the field different? Finally, how does the organizational structure of the economics profession help it to perform its key social role? Are there ways we could improve on this organizational structure? This could be pretty interesting, and I'm pleased, in principle, that there are scientists who care about these things, and are willing to help out.
First, I'll tell you some of what I know about the economics profession. Economics is clearly successful - in economic terms. Economics is a high enrollment major in most universities, one can make a decent living selling economics textbooks to undergraduates (as I can attest), an economics undergrad major pays off handsomely, and PhD economists are very well-paid - as academics, in the financial sector, and in government. Economists are also influential. They are called on to run key interational institutions like the IMF and World Bank, they more often than not serve as the chief officers in central banks, and they hold important positions in government. Further - and this must be unique among scientific pursuits - you can become extremely rich as a specialist in bad-mouthing your fellow economists.
Economics is very different from other academic pursuits, as any economist who has had to educate a Dean (of Liberal Arts, Social Sciences, Business, whatever) can tell you. In most academic fields, jobs are scarce, and mobility is low. Not so in economics. It is typically hard work to convince a Dean that one needs to make 8 job offers to fresh PhDs in the hope of getting one or two acceptances, that senior job candidates may be even harder to get, and that departures from your economics department need not mean that good people are fleeing a bad department. Salaries are always an issue. Basically, you need to know some economics (though not much) to understand why the economists are paid much more than the philosophers. Economists have a well-organized fresh-PhD job market that operates under clear rules, and performs the function of matching young economists with employers. Economists are social and love to argue. If you are uninitiated and happen to walk into an economics seminar, you might think you should call the police. Don't worry, it's OK.
Fourcade et al. get some of the facts right, but I came away puzzled. Some data is marshalled, but I wouldn't call this paper science, and it's unclear what we are supposed to learn. The first argument the authors want to make is that economics is "insular." By this they mean that economists don't pay much attention to the other social sciences. The evidence for this is citations - apparently the flow of citations is smaller from economics to the rest of the social sciences than the other way around. Whether this is a good way to measure interaction is not clear. There is a very active area of research in economics - behavioral economics - that uses developments in psychology extensively. There is extensive interaction between economists and political scientists - especially those interested in game theory. But I don't think I have ever encountered a sociologist in an economics seminar, or at a conference. However, suppose that economists totally ignored the other social sciences. Could we then conclude that this is suboptimal? Of course not. Maybe what is going on in the rest of the social sciences is actually of no use to economists. Maybe it is of some use to us. Certainly Fourcade et al. don't give us any specific examples of things we're ignoring that might help us out.
And economists are far from insular, especially if we look beyond the social sciences. Economics is a big tent. To gain admission to an economics PhD program requires some background in mathematics and statistics typically, but we don't necessarily require an undergraduate economics degree. People come into economics from history, engineering, math, psychology, and many other fields. As well, an undergraduate degree in economics is an excellent stepping stone to other things - professional degrees in business and law, or graduate degrees in other social sciences. Economic science did not come out of nowhere. Indeed, it often went by "Political Economy" in the early days, and sometimes still does. Most of our technical tools came from mathematicians and statisticians, though econometricians have developed sophisticated statistical tools designed specifically to deal with inference problems specific to economics, and macroeconomists took the dynamic optimization methods invented by mathematicians and engineers and adapted them to general equilibrium economic problems.
The authors of "The Superiority of Economists" see us as hierarchical, with a power elite that controls the profession. PhD programs are indistinguishable, and publication and recruiting are regimented. Seems more like the army than an institution that is supposed to foster economic science. Well, baloney. People of course recognize a quality ranking in academic institutions, journals, and individual economists, but I don't think that's much different from what you see in other fields. Powerful people can dominate particular subfields, but good ideas win out ultimately, I think. In the 1970s, there was a revolution in macroeconomics. That did not happen because the research of the people involved was supported by the Ivy League - far from it. But modern macro research found supporters in lesser-known places like Carnegie-Mellon University, the University of Minnesota, and the University of Rochester. People like Bob Lucas and Ed Prescott got their papers published in good places - eventually - and then got their share of Nobel Prizes in Economics. The economics profession, though it could do better in attracting women, is very heterogeneous. I have no hard evidence for this, but my impression is that the fraction of foreigners teaching economics in American universities is among the highest across academic disciplines. I don't think you would see that in a rigid profession.
Ultimately, Fourcade et al. think that our biggest problem is our self-regard. Of course, people with high self-regard are very visible, by definition, so outsiders are bound to get a distorted picture. We're not all Larry Summers clones. But if we do, on average, have a high level of self-regard, maybe that's just defensive. Economists typically get little sympathy from any direction. In universities, people in the humanities hate us, the other social scientists (like Fourcade et al.) think we're assholes, and if we have to live in business schools we're thought to be impractical. Natural scientists seem to think we're pretending to be physicists. In the St. Louis Fed, where I currently reside, I think the non-economists just think we're weird. Oh well. It's a dirty job. Someone has to do it.