Can a name of an object be true or false or does custom determine its virtue. I was surprised that in a Plato dialogue Cratylus, cited in translation to English by Anne Fremantle in her Primer of Linguistics (1974), the issue of the essence of words was discussed. Interestingly enough, words were described as an instrument just as a shuttle or an awn. In other words, any person can use these tools but only experts know how to use them correctly. A linguistic example is the use of the word basically. While it does have a specific and correct meaning, many people throw it in as a breath stop, without meaning.
Plato through Socrates in the dialogue argues that instruments should be defined by the wise, i.e. experts in their use. In regards to words, he specifies politicians but apparently they were a bit more educated in his days. Nobody would praise the precision and truth of the words that politicians use today. The closest current institutions are the various national language institutions, such as in France and Israel but not in the United States. They attempt to establish correct usage and meaning, with varying degrees of success.
The problem is that language, including the name for an essence, is almost always established by popular consensus, i.e., how people use it. A modern example is the acceptance of blog for web blog. No academy proposed or approved it but it is the correct word. On the other hand, funnest is still incorrect (as far as I know) even if thousands of children say it.
In terms of the classic debate between Hamilton and Jefferson, the people always decide but the former would say that they don’t always do correctly while the latter would say that argue collective wisdom. In other words, can one million references in Google be wrong? Yes and no. The debate continues.