The Prevailing View

.......Talk to the management at leading technology firms in the same market, and the similarities in opinions are striking. Most hold roughly the same set of opinions, beliefs, and ideas about how specific actions lead to successful business outcomes. For lack of a better phrase, I call this the ‘‘prevailing view.’’ The prevailing view is an important aspect of every market. It can persist for a long time, and it can change, sometimes slowly and other times quickly. In common speech, momentous changes define the divide between one era and the next. Where does the prevailing view come from, and how does it shape economic outcomes? That is this column’s topic.