Conventional Wisdom usually refers to the ideas, opinions, or understandings that are considered to be generally accepted by the majority. It is a collection of widely held beliefs on which most people live their lives. For example: “According to conventional wisdom, I should go to college to complete a degree so that I can earn a higher salary.”
The term Conventional Wisdom was first coined 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. Galbraith’s use of the phrase referred to solid, staid, and pervasive ideas; more modern uses of the phrase often connote what’s trendy, intellectually fashionable, or hip. But whether new or old, the conventional wisdom is (as Galbraith noted) frequently wrong.
Related Terms for Conventional Wisdom
The Affluent Society by John Kenneth Galbraith
- urban legends
- urban myths
- modern folklore
- old wive’s tales
- argumentum ad populum (Latin: “appeal to the people”)
- common sense
- talking points
- consensus reality
- social constructionism
- generally accepted principles
The enemy of the conventional wisdom is not ideas but the march of events. John Kenneth Galbraith, The Affluent Society (1958).
Why Conventional Wisdom is Often Wrong
There are things that “everyone knows.” That’s conventional wisdom. But so often, conventional wisdom is wrong and enquiring minds know better. As a kid growing up, I’m sure you discovered that lots of things adults believe are not based on any scientific knowledge, but we were forced to believe them. Here are several examples of modern-day incorrect conventional wisdom:
- Conventional Wisdom says that saturated fat causes heart disease. Saturated fats from sources like meat, dairy, some oils and tropical plants such as coconut actually provide a concentrated source of healthy energy in your diet.
- Conventional Wisdom says that chemotherapy is the best cure for cancer. A study published in the journal Clinical Oncology in December 2004 showed that chemotherapy has an average 5-year survival success rate of just over 2 percent for all cancers. The researchers concluded that chemotherapy only makes a minor contribution to cancer survival, yet it remains the status quo for cancer treatment.
- Conventional Wisdom says that excessive use of cell phones is harmless. Evidence is emerging that radiation from cell phones, cell phone towers and other wireless technologies is a real health risk. Health officials in France, Germany, Canada and India have already issued recommendations to limit your exposure to these electromagnetic fields and have children and teens limit their use of cell phones to avoid potential health risks. Some experts are even comparing the cell phone fiasco to cigarettes.
- Conventional Wisdom says that watching violent movies causes violent acts. According to the NBER Study on Violent Movies and Actual Violent Acts, estimates suggest that in the short-run violent movies deter almost 1,000 assaults on an average weekend.
Sir John Templeton 1912-2008
Ignore Conventional Wisdom!
Consider the uber-contrarian investor, Sir John Templeton, who built a career – and a fortune – by investing during what he called “the moment of maximum pessimism.” His investment strategies of ignoring conventional wisdom made him a billionaire. You will find that extremely successful people almost always do things completely opposite to the masses.
It’s been said that all geniuses are dead. When they were alive they were considered heretics. We can look back on history and marvel at their achievements, but at the time they were considered crazy.
There’s no doubt in my mind: following conventional wisdom is the easy and popular route to follow, but challenging conventional wisdom leads to great rewards and accomplishments.
“Create a vision and never let the environment, other people’s beliefs, or the limits of what has been done in the past shape your decisions. Ignore conventional wisdom.” – Anthony Robbins
“Leaders are born with an innate talent to question conventional wisdom.” – John G. Agno
If you've enjoyed what you've read so far, you'll certainly enjoy my big-picture thinking in the booklet The 2012 Manifesto. You can read more about it here or just click on the big-ass Download button below and I'll take you straight to the download page.
I am a global roamer, soul-searcher, contrarian who has challenged the norm since 1975. My goal is to connect with other world-changers to help make sense of life in an increasingly senseless world. 
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