The Wisdom of Crowds

Category: Economics
Author: James Surowiecki


by yboris   2022-01-12
A nice book I liked is "The Wisdom of Crowds" by James Surowiecki.

From what I remember, the gist is you want people to be coming up with solutions to a problem independently, and then you want them to voice their proposals independently (so as not to be stymied by others' ideas). And then you want to aggregate these solutions/proposals. The beneficial dynamic breaks down if people around the table share their ideas in order one after another.

by yboris   2021-11-09
Side note: "The Wisdom of Crowds" by 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.