The passage discusses different perspectives on the production and legitimation of scientific knowledge, specifically highlighting the professions-approach. This approach emphasizes the institutionalization of a body of knowledge and has been applied in research on managerial occupation, business schools, and management knowledge. However, it is critiqued for reifying institutional power structures, limiting knowledge production to select members within professional communities, like universities and professional colleges, and viewing power as a mechanism that excludes non-professional input.
The correct summary must capture the essence of this critique, focusing on the limitations imposed by the professions-approach on knowledge production.
The best summary is: Professions-approach aims at the institutionalization of knowledge but restricts knowledge production as a function of a select few. This captures both the institutional focus and the restrictive nature of the approach, addressing the issues of power and exclusivity discussed in the passage.