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Researcher Condemns Conformity Among His Peers
... The strength of this urge to conform can silence even those who have good reason to think the majority is wrong. You’re an expert because all your peers recognize you as such. But if you start to get too far out of line with what your peers believe, they will look at you askance and start to withdraw the informal title of “expert” they have implicitly bestowed on you. Then you’ll bear the less comfortable label of “maverick,” which is only a few stops short of “scapegoat” or “pariah.”

A remarkable first-hand description of this phenomenon was provided a few months ago by the economist Robert Shiller, co-inventor of the Case-Shiller house price index. Dr. Shiller was concerned about what he saw as an impending house price bubble when he served as an adviser to the Federal Reserve Bank of New York up until 2004.

So why didn’t he burst his lungs warning about the impending collapse of the housing market? “In my position on the panel, I felt the need to use restraint,” he relates. “While I warned about the bubbles I believed were developing in the stock and housing markets, I did so very gently, and felt vulnerable expressing such quirky views. Deviating too far from consensus leaves one feeling potentially ostracized from the group, with the risk that one may be terminated.” ...

...If the brightest minds on Wall Street got suckered by group-think into believing house prices would never fall, what other policies founded on consensus wisdom could be waiting to come unraveled? Global warming, you say? You mean it might be harder to model climate change 20 years ahead than house prices 5 years ahead? Surely not – how could so many climatologists be wrong?...