conventional/received wisdom

conventional wisdom

A widely held belief on which most people act. For example, According to conventional wisdom, an incumbent nearly always wins more votes than a new candidate . This term was invented by John Kenneth Galbraith, who used it in The Affluent Society (1958) to describe economic ideas that are familiar, predictable, and therefore accepted by the general public. Today it is used in any context where public opinion has considerable influence on the course of events.
See also: conventional, wisdom

conventional/received ˈwisdom

the view or belief that most people have: Conventional wisdom has it that riots only ever happen in big cities.The term conventional wisdom was first used by the economist John Kenneth Galbraith in his book The Affluent Society.