conventional wisdom

American  

noun

1. something that is generally believed; prudence.

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conventional wisdom Idioms  

1. 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.

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Etymology

Origin of conventional wisdom

Probably earlier than 1965–70

Example Sentences

He also is a decisive leader who isn’t afraid to make decisions that buck conventional wisdom or the whims of his, or any, party.

From The Wall Street Journal

When it comes to picking stocks, conventional wisdom holds that low price-to-earnings ratios are an advantage.

From Barron's

The conventional wisdom following the capture of Venezuela President Nicolás Maduro was that oil was going to plunge from all the new supply coming online.

From Barron's

Meanwhile, SpaceX has revolutionized rocket and satellite operations, in part by questioning the industry’s conventional wisdom and learning from its failures.

From The Wall Street Journal

This is why going against the crowd, or conventional wisdom, frequently offers opportunities.

From MarketWatch