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In 2004, Mr. Galbraith, who was then 95, published "The Economics of Innocent Fraud," a short book that questioned much of standard economic wisdom.
This has helped make the real one of the world's strongest currencies, turning conventional economic wisdom on its head.
IF THERE is one point on which economic wisdom mirrors public opinion, it is that inflation is a bad thing.
This year it's true.The received economic wisdom of last century was that temporary tax cuts don't work.
Erdogan believes that a rate rise would actually fuel Turkish inflation (contrary to conventional economic wisdom, and evidence).
In my experience, neither great riches nor high office are strongly correlated with economic wisdom and common sense.
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Conventional energy-economic wisdom had it that the latter would kill the former.
The established law and economics wisdom considers pure economic loss as a transfer of wealth from the victim to a third party, whose earnings increase as a consequence of the accident.
To his credit, Dr. Kashyap revealed two issues on which the economic conventional wisdom, and his own views, have changed since the financial crisis of 2008.
Their plan to abandon the single market and sabotage international alliances with glib disregard for the consequences lies far beyond what most economic and diplomatic wisdom would counsel.
Instead, President Obama's people failed to appreciate something that is now common wisdom among economic analysts: severe financial crises inflict sustained economic damage, and it takes a long time to recover.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com