conventional wisdom


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the conventional wisdom

Common knowledge that is held to be true, but may not be. The conventional wisdom says to feed a cold and starve a fever, but that doesn't reflect current medical practice.
See also: conventional, 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.
References in periodicals archive ?
Indeed, conventional wisdom can be anchored in truth, but these ideas often reflect an incomplete or incorrect understanding.
The conventional wisdom told us for many years that the Liberals were dead ducks, expiring as a party, to be replaced forever by the NDP, which would vie with the Conservatives for power.
That's one piece of conventional wisdom that is totally true.
The conventional wisdom works for Pauken, to a point; Cruz, now the state's junior U.
Perhaps lawmakers will see that the value of defined benefit plan relief trumps the conventional wisdom.
Conventional wisdom says that a lender should hire a consulting engineer who will serve several functions: oversee the project and ensure that the work is being done; that the developer is only getting advanced the percentage completed; and that subs and suppliers are being paid and that all of the work is being done correctly.
They, too, grasped at straws and took their cues from some vague sense of conventional wisdom.
But the decision to retain or drop, or to modify, the traditional use of stock options should be based on solid analysis and objective consideration, rather than reaction to trends and conventional wisdom.
But a recent study from the National Bureau of Economic Research questions the conventional wisdom that competition from immigrants invariably hurts native workers.
It takes much of current conventional wisdom about what our new global world will look like and turns it on its head.
The lessons and invaluable insights learned from this research, some of which defy conventional wisdom, spell out not only how to create high performance but how to effectively destroy it.
Conventional wisdom holds that the various entities using city streets should not arbitrarily mix.
The conventional wisdom the title refers to is hardly conventional.
The presidential commission investigating intelligence failures leading to the Iraq war wrote the following in its final report, released in March: "[I]t is hard to deny the conclusion that intelligence analysts worked in an environment that did not encourage skepticism about the conventional wisdom.
When the dollar gets weak, gold prices soar, according to conventional wisdom.
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