“Conventional wisdom” refers to widely accepted, often unexamined, beliefs within a society or field. While appearing as early as 1838 to mean common knowledge, the phrase was popularized and defined in its modern context by economist John Kenneth Galbraith in his 1958 book The Affluent Society to describe ideas favored for their acceptability rather than their accuracy.
History and Evolution
Early Usage (1838): The phrase appeared as a synonym for “commonplace knowledge” or “accepted beliefs,” used in various contexts before the 20th century.
Galbraith’s Coining (1958): Economist John Kenneth Galbraith is widely credited with coining the modern usage in The Affluent Society. He specifically used it to describe how ideas become “esteemed at any time for their acceptability”.
Refinement of Meaning: Galbraith emphasized that “The” conventional wisdom refers to ideas that are comfortable and predictable, often resisting new facts that might challenge them.
Modern Usage: Today, the term is used in political, economic, and social contexts to represent the dominant, often unchallenged, consensus.
Key Characteristics
Resistance to Change: The conventional wisdom is often defended with intense loyalty and is used to explain complex topics through simple, widely accepted narratives.
Institutional Adoption: It can represent long-accepted expert opinions within institutions, sometimes restricting creative, new solutions.
Drawbacks: Because it is accepted without question, it can make it difficult to think creatively, leading to reliance on outdated information.
There’s an old joke about two economists walking down a busy street. One points to a $20 bill lying on the sidewalk. The other one keeps walking since, if it was really there, someone would have picked it up already.
Market efficiency is one of the most important ideas in finance, but investors can take it too literally. It’s possible the stock market’s mild reaction to the war in Iran—the S&P 500 is down by just 3.9%—reflects everything smart people know about the conflict’s economic effects.
Just as the market is prone to overreact, though, it can be surprisingly slow to grasp the gravity of a really major crisis. A big reason is psychological: It takes lots of evidence to convince people something unthinkable might be about to happen like major banks collapsing, a pandemic or actual fuel shortages.
Another culprit is our misplaced faith in Wall Street’s small army of well-paid seers. Five weeks seems like long enough for estimates of the damage from an energy shock to seep into analysts’ forecasts, but that isn’t how it works.
It’s been six and a half months since I had LASIK on both eyes, and honestly, it’s hard to believe how fast the time has flown. Looking back, making the decision to go under the laser was easily one of the best moves I’ve ever made.
If you’re tired of the “contact lens struggle,” here’s what my journey looked like—from a stressful surgery day to waking up with 20/20 vision.
A Rocky Start to a Smooth Procedure
The day of the procedure started with a bit of a headache—literally. My bus never showed up, so I ended up having to drive my truck to the clinic and leave it there overnight. Despite the stress of showing up late for the big snip, the actual procedure was quick and surprisingly painless.
Recovery started immediately. I got a ride home that afternoon, kept my eyes shut the whole way, and was knocked out by 3 PM thanks to the prescribed sleep aid. By the next morning, the goggles were off. I caught a 6 AM bus back to the doctor to recover my truck left overnight and—for the first time in years—drove my truck home as the sun rose without a single pair of glasses or contacts.
The Recovery Phase
The first two weeks weren’t perfect. I had to deal with:
The “Scratchy” Phase: My eyes felt irritated and dry, similar to the feeling many contact lens wearers know too well.
Protection: I wore anti-itch goggles for a week and rocked sunglasses every time I jumped on my bike.
The Drop Routine: I was supposed to use eye drops for six weeks. Admittedly, I wasn’t the most consistent (especially during my October road trip!), but by week two, the major dryness had already faded.
The “Wow” Moment
The real game-changer was my night vision. It took a little while to strengthen, but once it did? Wow. Everything became clearer and brighter. The excessive road glare and eye strain I used to get while driving at night in my big jacked up truck with contacts simply vanished.
Freedom from the Costly Ritual
Before LASIK, my life involved a constant cycle of ordering lenses, packing glasses for camping trips, and the endless hunt for soap and hand sanitizer to make sure I didn’t get an eye infection while poking my pupils.
Now? I just wake up and see.
I rarely experience dry eyes anymore—far less than I did during those final, irritating months of wearing contacts. Most days, I almost forget I ever needed vision correction at all.
Was Is It Worth It?
Contacts are fine, but let’s be real—they kind of suck. If you’re on the fence, I can tell you that the freedom of putting glasses behind you permanently is worth every penny. Life is just better when you can just see.
