conventional wisdom

noun
something that is generally believed; prudence.

Origin:
probably earlier than 1965–70

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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Main Entry:  conventional wisdom
Part of Speech:  n
Definition:  the ideas, opinions, or understanding that are considered to be generally accepted by the public
Example:  See how many of these sayings you can complete to test your conventional wisdom.
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American Heritage
Idioms & Phrases

conventional wisdom

A widely held belief on which most people act. For example, According to conventional wisdom, an incumbent nearly always wins more votes than a new candidate. This term was invented by John Kenneth Galbraith, who used it in The Affluent Society (1958) to describe economic ideas that are familiar, predictable, and therefore accepted by the general public. Today it is used in any context where public opinion has considerable influence on the course of events.

The American Heritage® Dictionary of Idioms by Christine Ammer.
Copyright © 1997. Published by Houghton Mifflin.
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Example sentences
First, the notion that government is fundamentally inefficient and unproductive
  has become conventional wisdom.
Contrary to increasingly popular conventional wisdom, effective development aid
  isn't impossible.
Conventional wisdom says such discoveries should not be happening now.
According to the conventional wisdom, there was a culture clash.
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