Final answer:
The World Council of Scholars is a fictional concept, but the House of Wisdom in Baghdad was a real and influential institution in history.
Step-by-step explanation:
The World Council of Scholars mentioned in the question refers to a group of wise individuals who meet annually in different cities. However, it is important to note that the information provided does not specifically state that the World Council of Scholars is the wisest of all lands. It is a concept presented in a work of fiction called "Anthem" by Ayn Rand.
The House of Wisdom in Baghdad was a real historical institution that served as a major center for scholarly activities in the Islamic Golden Age. It was a library where scholars from different cultural and religious backgrounds gathered to translate and preserve important texts. The House of Wisdom made significant contributions to the intellectual and economic success of the time.
In summary, while the World Council of Scholars is a fictional concept, the House of Wisdom in Baghdad was a real and influential institution in history.