Conventional wisdom

“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Because it is accepted without question, it can make it difficult to think creatively, leading to reliance on outdated information.