The Wisdom of Crowds

Category: Economics
Author: James Surowiecki


by kstenerud   2018-09-24
It's bad enough to foster an echo chamber to your personal biases, as is currently standard operating procedure. But to actively engage in hidden manipulation of public views strikes at the very heart of democracy. Democracy only works because of the wisdom of crowds [1], and the wisdom of crowds only works if each participant has independent knowledge. The more people rely upon a shared source of knowledge and truth, the less accurate their collective wisdom becomes.

Practically, this means that anyone with wide enough influence can directly affect democratic outcomes, which defeats the entire purpose, and the level of influence possible these days is unprecedented.

So regardless of what actually did or did not happen, the fact that a few companies ARE in a position to wield this kind of influential power should strike fear into the heart of every free citizen of every democratic nation.