James Surowiecki’s The Wisdom of Crowds proves useful in understanding the impact (both positive and negative) regarding knowledge of isolated individuals vs. collective intelligence that shapes business, economies, societies and nations.
Surowiecki opens the book with a great example of the surprising “wisdom” possessed by groups of people. The book is a easy, enjoyable read.
As much as I enjoyed the learning I was somewhat more interested in learning the faults of crowds…specifically his analysis of NASA and the Columbia tragedy. To some extent the exact same lessons can be lifted from NASA and applied to Watergate, the highly intelligent crowd in the White House of Nixon’s inner circle.
The NASA “crowd” knew the danger yet did not as a group act to save the lives of their astronauts. In this lesson, I’m not convinced of the blanket approach to the wisdom of crowds. But Surowiecki is able to relay a number of cases in which this applies in business and societies.
The ability of crowds to outsmart a individual experts on any given topic ultimately supports the strength of communities, but as noted above even groups of specialists with graduate degrees have the ability to ignore their collective wisdom.