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Article: TODAY'S CONVENTIONAL WISDOM FAILS TO ANSWER MAJOR ECONOMIC PROBLEMS
- Article from:
- THE JOURNAL RECORD
- Article date:
- March 18, 1988
- Author:
CopyrightCopyright (null) The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
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The term ``the conventional wisdom'' has become so much a part of
the language that people forget that the phrase was coined by John
Kenneth Galbraith just 30 years ago in ``The Affluent Society.''
Professor Galbraith said that, in some measure, the articulation
of the conventional wisdom is like a religious rite - ``an act of
affirmation like reading aloud from the Scriptures.''
Business executives would feel better for hearing the virtues of
free enterprise praised once again. Economic scholars would feel
secure in hearing the efficiencies of the free market reaffirmed.
At the higher levels of scholarship, Galbraith said, the
conventional wisdom made originality highly ...