The Wisdom of Crowds: Why the Many Are Smarter Than the Few

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In this landmark work, NEW YORKER columnist James Surowiecki explores a seemingly counter-intuitive idea that has profound implications. Decisions taken by a large group, even if the individuals within the group aren't smart, are always better than decisions made by small numbers of 'experts'. This seemingly simply notion has endless and major ramifications for how businesses operate, how knowledge is advanced, how economies are (or should be) organised and how nation-states fare. With great erudition, Surowiecki ranges across the disciplines of psychology, economics, statistics and history to show just how this principle operates in the real world. Along the way Surowiecki asks a number of intriguing questions about a subject few of us actually understand - economics. What are prices? How does money work? Why do we have corporations? Does advertising work? His answers, rendered in a delightfully clear prose, demystify daunting prospects. As Surowiecki writes: 'The hero of this book is, in a curious sense, an idea, a hero whose story ends up shedding dramatic new light on the landscapes of business, politics and society'.

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Smart people often believe that the opinion of the crowd is always inferior to the opinion of the individual specialist. Philosophical giants such as Nietzsche thought that "Madness is the exception in individuals but the rule in groups". Henry David Thoreau lamented: "The mass never comes up to the standard of its best member but on the contrary degrades itself to a level with the lowest member." The motto of the great and the ordinary seems to be: Bet on the expert because crowds are generally stupid and often dangerous. Business columnist James Surowiecki’s new book The Wisdom of Crowds explains exactly why the conventional wisdom is wrong. The fact is that, under the right circumstances, groups are remarkably intelligent, and are often smarter than the smartest people in them. Groups don’t even need to be dominated by exceptionally intelligent people in order to be smart. Even if most of the people within a group are not especially well-informed or rational, it can still reach a collectively wise decision. Why? Because, as it turns out, if you ask a large enough group of diverse, independent people to make a prediction or estimate a probability, and then average those estimates, the errors each of them makes in coming up with an answer will cancel themselves out. Not any old crowd will do of course. For the crowd to be wise it has to satisfy four specific conditions, but once those conditions are met, its judgment is likely to be accurate.

Surowieki concentrates on three kinds of problems. The first are cognition problems (problems that are likely to have definitive answers, such as: "How many books will Amazon sell this month?"). The second are problems of coordination (problems requiring members of a group to figure out how to coordinate their behaviour with one another) and the third are problems of cooperation (getting self-interested, distrustful people to work together-- despite their selfishness). The brilliant first half of the book illustrates this theory with practical examples. The second half of the book essentially consists of case studies with each chapter talking about the way collective intelligence either flourishes or flounders. Much of this part deals with business topics such as corporations, markets and the dynamics of a stock-market bubble.

Surowieki has an engaging, direct style defending his surprising central thesis in entertaining ways by, for example, talking about laying bets on football games and political elections; traffic jams; Google; the Challenger explosion and the search for a missing submarine. The Wisdom of Crowds is an entertaining book making a serious point and by the end of the superb first half the reader has been made to accept that, while with most things, the average is mediocrity, when it comes to decision-making the average results in excellence. --Larry Brown

Review:

A bright and lucid columnist for THE NEW YORKER . . . [Surowiecki] knows how to make a convincing, sometimes entertaining case (SUNDAY TIMES)

Erudite and entertaining . . . he has a rare gift for combining rigorous thought with entertaining examples (FINANCIAL TIMES)

Dazzling . . . will turn your world upside down. It's an adventure story, a manifesto, and the most brilliant book on business, society and everyday life that I've read in years (Malcolm Gladwell, author of THE TIPPING POINT)

A handsome addition to the books that combine the verve of smart magazine writing with a whiff of academia . . .a fantastically stylish counter to the expert-knows-best line . . . an offbeat argument for democracy. In the future, "crowd pleaser" might no (GQ)

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Other Popular Editions of the Same Title

9780385721707: The Wisdom of Crowds

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ISBN 10:  0385721706 ISBN 13:  9780385721707
Publisher: Anchor Books, 2005
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9780385503860: The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations

Double..., 2004
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9780375433627: The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations (Random House Large Print Nonfiction)

Random..., 2004
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9780316861731: The Wisdom Of Crowds: Why the Many are Smarter than the Few and How Collective Wisdom Shapes Business, Economics, Society and Nations

Little..., 2004
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9780349117072: The Wisdom Of Crowds: Why the Many are Smarter than the Few and How Collective Wisdom Shapes Business, Economics, Society and Nations

Abacus, 2005
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Book Description Little, Brown Book Group, United Kingdom, 2005. Paperback. Condition: New. Language: English . Brand New Book. In this landmark work, NEW YORKER columnist James Surowiecki explores a seemingly counter-intuitive idea that has profound implications. Decisions taken by a large group, even if the individuals within the group aren t smart, are always better than decisions made by small numbers of experts . This seemingly simply notion has endless and major ramifications for how businesses operate, how knowledge is advanced, how economies are (or should be) organised and how nation-states fare. With great erudition, Surowiecki ranges across the disciplines of psychology, economics, statistics and history to show just how this principle operates in the real world. Along the way Surowiecki asks a number of intriguing questions about a subject few of us actually understand - economics. What are prices? How does money work? Why do we have corporations? Does advertising work? His answers, rendered in a delightfully clear prose, demystify daunting prospects. As Surowiecki writes: The hero of this book is, in a curious sense, an idea, a hero whose story ends up shedding dramatic new light on the landscapes of business, politics and society . Seller Inventory # AWC9780349116051

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Book Description Little, Brown Book Group, United Kingdom, 2005. Paperback. Condition: New. Language: English . Brand New Book. In this landmark work, NEW YORKER columnist James Surowiecki explores a seemingly counter-intuitive idea that has profound implications. Decisions taken by a large group, even if the individuals within the group aren t smart, are always better than decisions made by small numbers of experts . This seemingly simply notion has endless and major ramifications for how businesses operate, how knowledge is advanced, how economies are (or should be) organised and how nation-states fare. With great erudition, Surowiecki ranges across the disciplines of psychology, economics, statistics and history to show just how this principle operates in the real world. Along the way Surowiecki asks a number of intriguing questions about a subject few of us actually understand - economics. What are prices? How does money work? Why do we have corporations? Does advertising work? His answers, rendered in a delightfully clear prose, demystify daunting prospects. As Surowiecki writes: The hero of this book is, in a curious sense, an idea, a hero whose story ends up shedding dramatic new light on the landscapes of business, politics and society . Seller Inventory # AWC9780349116051

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