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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.
Trial by jury can be understood as at least partly relying on wisdom of the crowd, compared to bench trial which relies on one or a few experts. 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 ...
James Surowiecki, in The Wisdom of Crowds (2004), takes a different view of crowd behavior, saying that under certain circumstances, crowds or groups may have better information and make better decisions than even the best-informed individual. [20] Canadian author Louise Penny used MacKay as an inspiration for her 2021 novel The Madness of ...
In this clip, Kahneman and I discusses the idea of the "wisdom of crowds." Have. Last month, I interviewed psychologist Daniel Kahneman, who won the Nobel Prize in economics in 2002 and recently ...
Wisdom of the crowd is the collective perception of a group of people. Wisdom of the crowd may also refer to: The Wisdom of Crowds, a book by James Surowiecki; Wisdom of the Crowd, a TV series; The Wisdom of Crowds, a book of The Age of Madness trilogy by Joe Abercrombie
Harnessing the collective wisdom of people is an area of intense contemporary interest and cutting-edge research. The application of the term to methodologies that are designed to harness collective wisdom is credited to the work of Alexander Christakis and his group, [3] [4] As the challenges society faces today are of extreme complexities, the only solution is to develop technologies capable ...
The idea of a "group mind" or "mob behavior" was first put forward by 19th-century social psychologists Gabriel Tarde and Gustave Le Bon.Herd behavior in human societies has also been studied by Sigmund Freud and Wilfred Trotter, whose book Instincts of the Herd in Peace and War is a classic in the field of social psychology.
The book has a strong connection with Sigmund Freud's Group Psychology and the Analysis of the Ego. In this book Freud refers heavily to the writings of Gustave Le Bon, summarizing his work at the beginning of the book in the chapter Le Bons Schilderung der Massenseele ("Le Bon's description of the group mind").