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The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group.
James Michael Surowiecki (/ ˌ s ʊər oʊ ˈ w ɪ k iː / SOOR-oh-WIK-ee; born April 30, 1967) is an American journalist. He was a staff writer at The New Yorker , where he wrote a regular column on business and finance called "The Financial Page".
In politics, sometimes sortition is held as an example of what wisdom of the crowd would look like. Decision-making would happen by a diverse group instead of by a fairly homogenous political group or party. Research within cognitive science has sought to model the relationship between wisdom of the crowd effects and individual cognition.
Bubbles, riots, and mass hysteria aside, "the crowd" can sometimes be very smart. Studies show that groups make far more intelligent decisions collectively than individual experts do alone.
The article Nobel Prize-Winning Psychologist Daniel Kahneman on the Wisdom of Crowds originally appeared on Fool.com. Try any of our Foolish newsletter services free for 30 days .
The Wisdom of Crowds (2021) Taken from the title of the book The Wisdom of Crowds (2004) by American author James Surowiecki, which was itself inspired by and a reversal of Extraordinary Popular Delusions and the Madness of Crowds (1841), a study of crowd psychology by Scottish author Charles Mackay.
— James Surowiecki (@JamesSurowiecki) July 28, 2024. How is Indiana reacting? The opening ceremony is France being #France. Remember #CharlieHebdo? They really don’t care if they offend you or ...
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