Economist John Kenneth Galbraith is attributed with coining the term “conventional wisdom” in his 1958 book “The Affluent Society,” in which he discusses the disparity between public and private investment in a post-WWII America. Simplifying a central point, we as a society tend to put more value on cars, homes, jewelry and other status symbols rather than roads, bridges, parks, schools, libraries, the environment, etc.
Unpacking the reasons behind this phenomenon is a tall order and beyond the scope of this here humble blog, but I’d like to identify a few instances where following the conventional wisdom may lead one astray. Furthermore, technology and other structural shifts change relationships over time, making what was once “truth” no longer valid.
Which reminds me of the quote (debatably Mark Twain?): “It ain’t what you don’t know that gets you into trouble; it’s what you know for sure that just ain’t so.”
