Conventional wisdom (CW) is a term coined by the
economist John Kenneth Galbraith in
The Affluent Society, used to describe certain ideas or explanations that are generally accepted as true by the public.Conventional wisdom is not necessarily true. Many
urban legends, for example, are accepted on the basis of being "conventional wisdom". Conventional wisdom is also often seen as an obstacle to introducing new theories, explanations, and so as an obstacle that must be overcome by such
revisionism. This is to say, that despite new information to the contrary, conventional wisdom has a property analogous to
inertia, a
momentum, that opposes the introduction of contrary belief; sometimes to the point of absurd denial of the new information set by persons strongly holding an outdated (conventional wisdom) view. This inertia is due to conventional wisdom being made of ideas that are convenient, appealing and deeply assumed by the public, who hangs on to them even as they grow outdated. The unavoidable outcome is these ideas will eventually not match reality at all, so conventional wisdom will be violently shaken until it doesn't conflict reality so blatantly.
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