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The Wisdom of Crowds

Why the Many Are Smarter Than the Few

By James Surowiecki
13-minute read
Audio available
The Wisdom of Crowds: Why the Many Are Smarter Than the Few by James Surowiecki

The Wisdom of Crowds explores why, and under which circumstances, groups of people can come up with better solutions to problems than any one person – even if that person is an expert. By analyzing the way individuals and groups make decisions, the book gets to the bottom of the wisdom of crowds, and shows how this wisdom can be used to make reliable decisions.

  • Anyone who wants to know why a group of people can be wiser than individual experts
  • Anyone who wants to know which circumstances make groups’ decisions even more effective
  • Anyone who wants to know why working in groups makes sense in many situations

James Surowiecki is an American journalist. He writes a column on financial matters for The New Yorker, and has published articles in the New York Times, the Washington Post and the Wall Street Journal.

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The Wisdom of Crowds

Why the Many Are Smarter Than the Few

By James Surowiecki
  • Read in 13 minutes
  • Audio & text available
  • Contains 8 key ideas
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The Wisdom of Crowds: Why the Many Are Smarter Than the Few by James Surowiecki
Synopsis

The Wisdom of Crowds explores why, and under which circumstances, groups of people can come up with better solutions to problems than any one person – even if that person is an expert. By analyzing the way individuals and groups make decisions, the book gets to the bottom of the wisdom of crowds, and shows how this wisdom can be used to make reliable decisions.

Key idea 1 of 8

The more diverse the group, the wiser its decisions.

Heterogeneous groups are often better at tackling problems than homogeneous ones. In a heterogeneous group – that is, a group of people with different ages, genders, religions and professions – each individual introduces new ideas and perspectives that would have never seen the light of day in a homogeneous one.

Homogeneous groups, such as those made up of experts, are often handicapped by the fact that their members’ skills and approaches are too similar. In other words, it is more difficult for them to consider counterarguments and think unconventionally.

America’s unsuccessful Bay of Pigs invasion under the Kennedy administration is one notorious example of how a homogeneous group’s opinion can have unfortunate consequences. The administration implemented its strategy for invading Cuba without consulting anybody who was skeptical of it. The historian Arthur Schlesinger, one of the experts present at the strategic meetings, stated later that the meetings had taken place “in a curious atmosphere of assumed consensus.”

Simply put, a homogeneous group’s weak variations of the same idea can’t compete with the heterogeneous group’s abundance of ideas. With its manifold perspectives and wider vantage point, a heterogeneous group can more easily identify and discard bad ideas.

However, this doesn’t mean that groups should exclude experts from joining their ranks. On the contrary: experts are indispensable because they bring to the table knowledge that others don’t have to the table. The danger lies in groups entirely made up of experts – especially if they are all experts in the same field.

The more diverse the group, the wiser its decisions.

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