Conventional Wisdom, By John Kenneth Galbraith

1119 WordsSep 29, 20175 Pages
John Kenneth Galbraith, created the phrase “conventional wisdom”, and found that social and economic behaviors prove to be complex. The passage uses an example of the homeless in 1980s in the U.S. A spokesperson for the benefits of the homeless states that there were around 3 million homeless in the U.S. The American public found that this was absurd, since this meant that 1 in every 100 people was homeless. However, it was found that he made up those amounts. Another example of this so called conventional wisdom, is listerine, it created the belief that bad breath is unconventional (Levitt & Dubner, 2005 p. 86). Conventional wisdom would lead to the sway of public opinion of President Bush. Instead of stating something cruel and maybe…show more content…
93). The gang would then change to a new location, then a gang member called Booty, gave Venkatesh a notebook full of the gang’s finances (Levitt & Dubner, 2005 p.95). Soon After, Venkatesh would go onto finding out more about the “criminal enterprise”. He learned that the gang was like any other business, and had cuts of the money to each of the members, the size depending upon how high they were up on the pyramid. He found that the gang would pay for the funerals of gang members that had been killed. The gang also had money allotted for things in the community. Venkatesh would later learn that J.T. usually made around $8,500 every month, and that the highest gang members made around $500,00 yearly (Levitt & Dubner, 2005 p. 99). However, he found that those at the bottom of the pyramid had a one in four chance of being killed (Levitt & Dubner, 2005 p. 101). Additionally, Venkatesh learned that around fifty-six percent of the neighborhoods children were below the poverty line. He learned that due to these odds, crack dealin was much like any other profession. A select few made it and most did not. J.T. found that many foot soldiers quit due to the working conditions and such low odds of success. He would later be arrested and put in prison (Levitt & Dubner, 2005 p. 106). After this conclusion, the next topic introduced in the nylon stockings for women. This is compared with cocaine, which was the drug of the stars. Just like the silk stockings of
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