Some challenges to the Wisdom of Crowds
Two books to get you started on the idea that groups of otherwise unconnected people can accomplish amazing things: Clay Shirky's Here Comes Everybody, and J. Surowiecki's The Wisdom of Crowds. As a quick example, the computer language Linux was essentially written by programmers who didn't even necessarily know each other, but contributed as much and as often as they desired to create a part of the whole. So "crowdsourcing" is becoming a cool idea. Have a problem? Post about it on an appropriate web site, and let the vast masses out there offer solutions. Often times, you'll get a pretty good result. This can go overboard though. As an example, when Allen Greenspan was head of the Federal Reserve, he deferred to "the Market" as being smarter than he was. He thought that there should be little regulation of the Market because the communal mindset was always smarter than any other input. Well, we know how that worked out. Another problem is tha...