"How to reform the economics Ph.D"

Tyler Cowen proposes as follows:

Eliminate the economics Ph.D, period.  Offer everyone three years of graduate economics education, and no more (with a clock reset allowed for pregnancy).  Did Smith, Keynes, or Hayek have an economics Ph.D?  This way, no one will assume you know what you are talking about, and the underlying message is that economics learning is lifelong.

It's an interesting idea but I, for one, certainly won't be holding my breath waiting for it to be adopted.