Jan 3, 2010

The Affluent Society | Themes

Conventional Wisdom
Perhaps the most widespread and lasting impact of The Affluent Society is the entrance of Galbraith’s phrase ‘‘conventional wisdom’’ into common parlance. The effect of conventional wisdom on attitudes about the economy is a key theme in this book. Galbraith explains that the conventional wisdom about the economy stems from nineteenth-century economic conditions and is, therefore, no longer relevant to the American economy in the twentieth century. However, he observes that many people in positions of power have a...