"The Wisdom Of The Crowd" vs "The Wisdom Of The Few (GB members). Your Opinion Please.

by ÁrbolesdeArabia 2 Replies latest watchtower beliefs

  • ÁrbolesdeArabia

    I thought you would enjoy the concept used in Business Behavioural Psychology and compare it to the arrogance we all have suffered from "The Wisdom Of The Few" or "The Religious Oligarchy".

    Wiki does a better job and more short than my long blabing convoluting"there I go, losing the my point :) )



    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. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology.

    The opening anecdote relates Francis Galton's surprise that the crowd at a county fair accurately guessed the weight of an ox when their individual guesses were averaged (the average was closer to the ox's true butchered weight than the estimates of most crowd members, and also closer than any of the separate estimates made by cattle experts). [1]

    The book relates to diverse collections of independently deciding individuals, rather thancrowd psychology as traditionally understood. Its central thesis, that a diverse collection of independently deciding individuals is likely to make certain types of decisions and predictions better than individuals or even experts, draws many parallels with statisticalsampling, but there is little overt discussion of statistics in the book.

    Its title is an allusion to Charles Mackay's Extraordinary Popular Delusions and the Madness of Crowds, published in 1841. [2]


  • kurtbethel

    Stupid multiplied by stupid equals stupid.

    stupid is stupid

  • Fernando

    "Austrian economics" vs "Keynesian economics"

    Compare the underlying premise of each (the forest) not the details (the trees).

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