The term “conventional wisdom” is the body of ideas or explanation generally accepted as true by the public or by experts in a field. This term comes from the economist John Galbraith, who often used it in his 1985 book The Affluent Society. In fact, this term is much older and dates at least to 1838, it was used in a number of other prior to Galbraith, occasionally in a positive or neutral sense. According to the author, it is convenient to have a name for the ideas which are esteemed at any time for their acceptability, and it should be a term that emphasizes this predictability, so the author refers to these ideas henceforth as the conventional wisdom. Therefore, the conventional wisdom conforms to people in some way. Freakonomics
Economist, The. "Wealth and Class." The Economist. The Economist Newspaper, 08 Jan. 2007. Web. 16 Apr. 2014. .
At one point in time poverty was the general fact of the world. Man was always expected to live on the line of poverty, majority of the economic thinkers couldn’t see the world moving away from this standard but we did and have gained great affluence. As Society has grown from this poverty stricken state it once was in, into an affluent one the ideas used to run it have yet to change in some ways. In The Affluent Society John Kenneth Galbraith explains how with great economic growth there should be growth in economic ideas as well. The old idea that were for a country that barely could stay above the water are inappropriate for society today. He proves this by naming numerous issues like The conventional Common wisdom,
In a nutshell, it can be argued that in the event of serious economic developments, various people and groups held different views of what exactly a wealthy society should be. It is crystal clear that Andrew Carnegie and William Graham Sumner held same view on wealth accumulation whereas Henry George strongly advocated for policies that would enhance equality.
Carnegie, Andrew. The Gospel of Wealth. 391st ed. Vol. 148. N.p.: North American Review, 1889. Print.
Who wrote Principle of Political Economy (1848), it was nicknamed by Mark Blaug as the undisputed bible of the 19th century for the economic world.
Another VIP who would agree with this source would be Adam Smith. He believed in capitalism and the “pursuit of profit.” Every individual is free to develop their individual capacities. Adam Smith would agree with the source because of the author’s economic opinion supporting welfare capitalism. After considering the key ideas of the source, and exploring multiple ways a society can embrace or reject those ideas, it is clear that the ideology of modern liberalism as reflected in the source should be embraced fully.
Sachs, J. D. (2011). Why America Must Revive its Middle Class. Time. 178(14). Ps. 30-32.
In 1961, German sociologist Jürgen Habermas credited this term in his book The Structural Transformation of the Public Sphere – An Inquiry into a Category of Bourgeois Society (1962; English translation, 1989) He states that:
Sir William Beveridge a highly regarded liberal economist, was the author of the report which was known as Social Insurance and Allied Services, that got published by the coalition government and which was presented to the British parliament on 1st December 1942.
The Affluent Society was founded in 1958. A little information about Professor Galbraith, a Harvard economics professor. Served on many of the US president’s staff as well as he was a great writer. A lot of his theory is based on Keynesian economics. This book, The Affluent Society, is part of a trilogy.
The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps the possessor to draw correct conclusions. The ideas of economists and politicians, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." (John Maynard Keynes, the General Theory of Employment, Interest and Money p 383)
part of the 16th century and continued to be used well into the 18th century.
Since a valid difference in methodology and idea existed, the notion that the difference between science and other types of knowledge is true.
W. (1959). From Max Weber: Essays in sociology. New York: Oxford University Press. He made an example trying to use the timing of one’s needs when an order is being made at an appropriate time and an example is no one can buy winter coats when the season is vice versa, In this case, every action come with a consequence. He was able to give different types of situations like subjective attitude, action condition by the crowd, instrumentally rational,(zweckrational), value-rational (wertrational), affectional, traditional. Max Weber in one of his theories explains how power has been given to certain class who control the
30 years after it entered the national lexicon on the wake of the passage of the