description: a book by James Surowiecki that explores the idea that large groups of people are often smarter than the smartest individuals within them when it comes to problem-solving.
181 results
by James Surowiecki · 1 Jan 2004 · 326pp · 106,053 words
SHAPES BUSINESS, ECONOMIES, SOCIETIES, AND NATIONS JAMES SUROWIECKI DOUBLEDAY New York London Toronto Sydney Auckland CONTENTS Cover Page Title Page Dedication Introduction PART I 1. The Wisdom of Crowds 2. The Difference Difference Makes: Waggle Dances, the Bay of Pigs, and the Value of Diversity 3. Monkey See, Monkey Do: Imitation, Information Cascades, and
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these limitations, when our imperfect judgments are aggregated in the right way, our collective intelligence is often excellent. This intelligence, or what I’ll call “the wisdom of crowds,” is at work in the world in many different guises. It’s the reason the Internet search engine Google can scan a billion Web pages
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fifteen years, a few hundred amateur traders in the middle of Iowa have done a better job of predicting election results than Gallup polls have. The wisdom of crowds has something to tell us about why the stock market works (and about why, every so often, it stops working). The idea of collective intelligence
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but that are ultimately very much alike. But this book is also about the world as it might be. One of the striking things about the wisdom of crowds is that even though its effects are all around us, it’s easy to miss, and, even when it’s seen, it can be hard
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covering the conditions that are necessary for the crowd to be wise: diversity, independence, and a particular kind of decentralization. The first half begins with the wisdom of crowds, and then explores the three conditions that make it possible, before moving on to deal with coordination and cooperation. The second part of the book
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of groups making bad decisions, as well as groups making good ones. Why? Well, one reason is that this is the way the world works. The wisdom of crowds has a far more important and beneficial impact on our everyday lives than we recognize, and its implications for the future are immense. But in
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. And yet even though no one in the group knew any of these things, the group as a whole knew them all. PART I 1. THE WISDOM OF CROWDS I If, years hence, people remember anything about the TV game show Who Wants to Be a Millionaire?, they will probably remember the contestants’ panicked
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the Challenger disaster, it’s unlikely they would have picked out Thiokol as the culprit.) What is striking, though—and what makes a phrase like “the wisdom of crowds” meaningful—is just how much information a group’s collective verdict so often contains. In cases like Francis Galton’s experiment or the Challenger explosion
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job of finding the right page quickly. And the way it does that—and does it while surveying three billion Web pages—is built on the wisdom of crowds. Google keeps the details of its technology to itself, but the core of the Google system is the PageRank algorithm, which was first defined by
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their decision making by tapping into the collective wisdom of their employees. We’ll look more closely at people’s discomfort with the idea of the wisdom of crowds, but the problem is simple enough: just because collective intelligence is real doesn’t mean that it will be put to good use. A DECISION
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file sharing (exemplified by Napster), which offered a clear demonstration of the possibilities (economic, organizational, and more) that decentralization had to offer. The idea of the wisdom of crowds also takes decentralization as a given and a good, since it implies that if you set a crowd of self-interested, independent people to work
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prices are probably not off by that much—is not good, but it’s certainly better than missing it by 300 percent. The idea of the wisdom of crowds is not that a group will always give you the right answer but that on average it will consistently come up with a better answer
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in using the same search method to find an H-bomb that had been lost in the ocean off Spain (58–60). PART I 1. The Wisdom of Crowds The data about the performance of the audience and the “experts” in Who Wants to Be a Millionaire? comes from an interview with a spokeswoman
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Society,” American Economic Review 35 (1945): 519–30. See also Hayek, Individualism and Economic Order (Chicago: University of Chicago Press, 1948). Although the idea of the wisdom of crowds has affinities with Hayek’s work, and in particular with his conviction that social mechanisms could produce intelligent outcomes without top-down guidance, Hayek would
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the material in this book was originally published in different form in The New Yorker. Library of Congress Cataloging-in-Publication Data Surowiecki, James, 1967– The wisdom of crowds : why the many are smarter than the few and how collective wisdom shapes business, economies, societies, and nations / James Surowiecki. p. cm. Includes bibliographical references
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.S87 2003 303.3'8—dc22 2003070095 eISBN 0-307-27505-1 Copyright © 2004 by James Surowiecki All Rights Reserved www.anchorbooks.com v1.0 THE WISDOM OF CROWDS WHY THE MANY ARE SMARTER THAN THE FEW AND HOW COLLECTIVE WISDOM SHAPES BUSINESS, ECONOMIES, SOCIETIES, AND NATIONS JAMES SUROWIECKI DOUBLEDAY New York London Toronto
by Andrew Ross Sorkin · 14 Oct 2025 · 664pp · 166,312 words
crop of speculators who play entirely by ear are right and that a new speculative era has dawned.” Livermore was always looking for signs that the wisdom of crowds had become witless. He strongly believed in the curse of consensus—and here it was. The past five years of an almost constantly rising stock
by W. David Marx · 18 Nov 2025 · 642pp · 142,332 words
. As political gridlock thwarted Obama’s domestic agenda, such technocratic market solutions became an attractive alternative. Books like New Yorker staff writer James Surowiecki’s The Wisdom of Crowds argued that large groups made better decisions than elites, mirroring the internet’s participatory nature. His colleague Malcolm Gladwell’s The Tipping Point and Blink
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“It was good that”: Smith, “Wael Ghonim.” GO TO NOTE REFERENCE IN TEXT The Wisdom of Crowds: Scott McLemee, “ ‘The Wisdom of Crowds’: Problem Solving Is a Team Sport,” New York Times, May 22, 2004, https://www.nytimes.com/2004/05/22/books/review/the-wisdom-of-crowds-problem-solving-is-a-team-sport.html. GO TO NOTE REFERENCE IN TEXT quick
by Danny Funt · 20 Jan 2026 · 285pp · 100,897 words
by betting patterns at sportsbooks around the world. If that still sounds beatable, you’ve likely not had the pleasure of reading James Surowiecki’s The Wisdom of Crowds, which explains how markets, by distilling the opinions of diverse groups of people, are extraordinarily hard for any individual to outsmart.II Surowiecki highlights a
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/2 percent…. “In other words,” he explains, “the subjective forecasts of Aqueduct and Belmont Park bettors almost perfectly predicted objective probabilities.” One way pros overcome the wisdom of crowds is by getting ahead of them. A sportsbook that welcomes sharp action might let them bet about $3,000 when college football lines open on
by Jimmy Wales · 28 Oct 2025 · 216pp · 60,419 words
of Galton and his ox opened a new book by James Surowiecki that went on to become an enormous bestseller, and the book’s title—The Wisdom of Crowds—suddenly became shorthand for an old but critical insight: We, together, know far more than any one of us. Combine that idea with the exploding
by David G. W. Birch and Victoria Richardson · 28 Apr 2024 · 249pp · 74,201 words
is a member of ConstitutionDAO, which tried to buy one of the original copies of the US Constitution at auction. 5 And please spare us the ‘wisdom of crowds’. This has been rendered irrelevant by the advent of social media. 6 It is possible that this commentator has never actually met anyone in real
by Jonah Berger · 13 Jun 2016 · 261pp · 72,277 words
as easily gone the opposite. Groupthink has been blamed for everything from the space shuttle Challenger disaster to the Cuban missile crisis. People talk about the wisdom of crowds, but crowds are only wise when the group has access to everyone’s individual information. Aggregating these pieces can lead to better decisions than any
by Alexandra Robbins · 31 Mar 2009 · 509pp · 147,998 words
’s members exert on each other . . . the less likely it is that the group’s decisions will be wise ones,” journalist James Surowiecki wrote in The Wisdom of Crowds. “The more influence we exert on each other, the more likely it is that we will believe the same things and make the same mistakes
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. “Experimenting with a Democratic Ideal: Deliberative Polling and Public Opinion,” Acta Politica, Vol. 40, 2005. “The more influence a group’s members”: See Surowiecki, James. The Wisdom of Crowds, New York: First Anchor Books, 2005. Acknowledgments I am exceptionally lucky to have supportive parents who have always encouraged me to be myself and clearly
by Hannah Fry · 17 Sep 2018 · 296pp · 78,631 words
collective opinions of a group being more accurate than those of any individual is a well-documented phenomenon. For more on this, see James Surowiecki, The Wisdom of Crowds: Why the Many Are Smarter than the Few (New York: Doubleday, 2004), p. 4. 22. Netflix Technology Blog, https://medium.com/netflix-techblog/netflix-recommendations
by Andrew Lih · 5 Jul 2010 · 398pp · 86,023 words
. Books and essays have addressed the impact of projects freely driven by communities of scattered individuals: The Cathedral and the Bazaar by Eric S. Raymond, The Wisdom of Crowds by James Surowiecki, The Wealth of Networks by Yochai Benkler, The Long Tail by Chris Anderson, Infotopia by Cass R. Sun-stein, and Everything Is
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