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LibraryThing Review

User Review  - ariahfine - LibraryThing

The Wisdom of Crowds falls into the same genre as Freakonomics and Malcolm Gladwell's books, a fascinating collection of interesting stories, studies and anecdotes toward a general premise. Surowiecki ... Read full review

LibraryThing Review

User Review  - thcson - LibraryThing

This book was so bad that reviewing it feels like a waste of time, but I will briefly explain what's wrong with it. The author begins with an old idea: crowds can be wise when they exhibit diversity ... Read full review

LibraryThing Review

User Review  - Scarchin - LibraryThing

Wow! This book really challenged my assumptions regarding how decisions are made in groups of all sizes and compositions. If you enjoyed any of Malcolm Gladwell's books, you are going to love this. It ... Read full review

LibraryThing Review

User Review  - getaneha - LibraryThing

Another interesting title, The Wisdom of the Crowds. Another long subtitle: Why the Many Are Smarter Than the Few. These authors writing about the social media intentionally choose a very catchy ... Read full review

LibraryThing Review

User Review  - HadriantheBlind - LibraryThing

Should have known better with a comparison to Malcolm Gladwell on the front. A mildly interesting idea with some neat examples, some misquotes and distortions, and nothing much aside from anecdotal evidence. This would have worked out much better as an article rather than a book. Read full review

LibraryThing Review

User Review  - addunn3 - LibraryThing

Excellent read! I will need to re-read it often to remind me of the message that groups made up of diverse, independent, individuals can make good decisions - even better than the expert. Read full review

User Review - Flag as inappropriate

This is one of the three books everyone who is trying to understand Google should read.

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It was good.

User Review - Flag as inappropriate

informative and well-written, this book examines the peculiar ability of a large group of people to arrive at answers as good as even better than the average and almost as good as the best among them. this characteristic is what makes markets work - when they do. surowiecki makes a stab at the essentials that govern what kind of problems a "crowd" as suited to solve, and the makeup of a "crowd" that seems to give the best results. three general classes of problems suited to crowds are identified: cognition, coordination and cooperation problems. the factors driving solution are identified as diversity, independence, decentralization and a means by which collective wisdom can be aggregated. surowiecki draws primarily from behavioural economics and psychology to support his claims.
the first half of the book keeps to the theory while the second half deals with an interesting range of applications: traffic, scientific research (issues with competition and collaboration), small group dynamics (committees, the phenomena of group think), the oddity of the company (ronald coase's transaction costs, organizational pathologies), financial markets (the phenomena of herd mentality) and democracy. the chapters on small groups, the company and markets were particularly insightful.
 

User Review - Flag as inappropriate

Surowiecki is a talented writer and one, who along with "Blink" author Malcom Gladwell, utilizes a writing style that includes myriad interesting scientific studies and historical anecdotes. He starts off with a fascinating story about some fair, at which he witnesses hundreds of people guessing the weight of a cow. No one got the exact weight of the cow, but the average guesses from everyone in the crowd was right on the money. This may seem like a coincidence, but Suroweicki goes on to describe many cases where the many come to astonishing conclusions, that the few could rarely come to.
One of the most interesting aspects of the book is the description of open source- the future of software. He also describes economics games and real economics like stocks and how millions of traders can "know" something without knowing it and how it's nearly impossible to win when betting on the NFL. Also, he includes ways in which groups of people don't provide a better answer than the expert, and in fact, explains how, in some situations, the masquerade of diverse thinking coupled with the detrimental "group think" can lead to disastrous results (e.g. the 2003 shuttle tragedy).
It's not explicitly layed out to the reader, but Suroweicki's ideas show how a democratic government will always be more beneficial to its people than a centralized small group.
It's a very fascinating book, and I recommend it exuberantly.
 


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