Paul Krugman forms a nice response to a critique of one of his posts using an argument that Aristotle laid out years ago, when discussing Endoxa (Greek: ἔνδοξα), which is essentially means ‘commonly held beliefs’. Aristotle outlines the argument that we take for true what all the people believe, most of the people, the wisest or the wisest of the wise. This argument is often understood as Aristotle believing this is how we come to truth. Rather he is articulating a deeper idea, that this is how we come to consensus. And that it is often wrong, or rather not the truth.

In Krugman’s argument, he says:”…we might call the Scarborough effect: Very Serious People heard other Very Serious People citing the alleged finding, then repeated it themselves, and it became part of what Everyone Knows — after all, everyone they talked to said it was true.”

Nice to see this old argument resurface from Krugman. It is something we should always remember.