Conventional Wisdom

Coined by JohnKennethGalbraith? in TheAffluentSociety?.

The conventional wisdom is the things that are generally believed to be true among educated people. The term is usually used by those whose ideas are having trouble getting traction, because they perceive inertia opposing them. In the book, Galbraith believed that the economic concept of "scarcity" was causing people to think incorrectly about the state of the American economy. While scarcity is still a valuable concept, he argued (1958) that society is remarkably affluent, and can afford to spend its money on income redistribution and the public sphere which he believed was being starved. (The TragedyOfTheCommons).