The Wisdom of Crowds
Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations
About the summary
When individuals in a crowd are appropriately diverse, independent and decentralized, their aggregated decisions are surprisingly on point. With this knowledge, the power of groups can be used to find unknown answers and determine how to coordinate behavior and cooperate in all areas of society. Our everyday activities, our government and our economy are all affected by the power of crowds, and when things go awry, it is often because one of the key elements of an intelligent crowd is missing or underexpressed. In The Wisdom of Crowds, journalist James Surowiecki explores the underlying implications of the idea that large groups of people are smarter than an elite few, no matter how brilliant.