James Surowiecki

The Wisdom of Crowds

1. IDEA 1

   Groups can be smarter than experts

   Surowiecki argues that under the right conditions, the combined judgement of a large group is often more accurate than that of any single expert. Individual errors tend to cancel out.

2. IDEA 2

   A crowd guessed an ox's weight

   Surowiecki describes how the scientist Francis Galton found that the average guess of a crowd at a fair came remarkably close to an ox's true weight. No single guesser did better.

3. IDEA 3

   Diversity improves judgement

   Surowiecki argues that crowds are wise only when members bring different information and perspectives. Too much similarity weakens the group. A group of people who all think alike will repeat the same mistakes together.

All 8 ideas from The Wisdom of Crowds →