We found 5 Reddit comments about The Wisdom of Crowds. Here are the top ones, ranked by their Reddit score.
Have you read this? http://www.amazon.co.uk/Wisdom-Crowds-Many-Smarter-Than/dp/0349116059
https://www.amazon.co.uk/Wisdom-Crowds-Many-Smarter-Than/dp/0349116059 - would thoroughly recommend this
Looking at the economy through some kind of *ism is worthless.
What has happened is the control of how resources are distributed in the United States has been consolidated into just a few people and groups. Too few people are now deciding how resources are distributed. It is not a free market anymore because the market is fixed. It's not that they might be stupid, I'm sure that they are very smart. It's that no human is smart enough to have a small group decide how so many resources get distributed. Call it what you will the problem with the Soviet Union is the same as the problem with Goldman Sachs -- a small group of people are deciding how a huge portion of resources are being used and nobody is smart enough to do it well.
For example, they made the mistake in providing too much resources for people to build houses during the last decade. They, the bankers, have a social responsibility to say we have enough houses lets put some of this money we decide who gets into something else. That is the same type of mistake that Gosplan and Gosbank made.
The invisible hand of the market is a much better tool for allocating resources than small groups of people just because of the lack of human ability to see such complex systems for example the complexity of making a pencil. I believe in the Wisdom of the Crowd, that it is truly remarkable how well working together the audience does at answering tough a question on WhoWants to Be a Millionaire.
Go right ahead and tell me that a small group of people should decide how most of the resources should be used. Lots of people in Russia would agree with you.
If the people who lead the banks don't see what they do as a huge responsibility the system will crumble. When it does we might try to do the same thing like people who keep losing in Vegas yet return with the hope that this one time they might break the bank or we might try something else.
Although it is completely true that people taking care or people is a thousand times better than governments taking care of people, it is also true that if people are not taken care of seriously fucked up things happen to a society which is why I am supporting Obama one hundred percent in his fight against the Republicans trying to get people the help they need.
The best way to prevent the government from taking care of people is to be a self starter and go out and take care of people as a person. The more people are cared for by their church, families and communities more the need of the government to take care of them is nullified thus nullifying the need of government.
Lately, Goldman Sachs has been all for self. You would be surprised how often it is in one's best interest the interest of the other guy and the selfish thing to do is paradoxically the selfless thing to do. Our economic system if it is going to survive will have to face this and it's not up to me to make the decision. I am like you at the mercy of the small group of people who make those decisions. We are at their mercy and can only hope for their wisdom.
It's possible that the small group might start to make good decisions as we have seen in the last few years the small group who controls the Chinese economy make some what currently looks like great decisions. Live and learn.
There's a huge amount of research on this stuff. Start here: http://www.amazon.co.uk/The-Wisdom-Crowds-Many-Smarter/dp/0349116059
It's clear that throwing darts will perform worse than asking which way people would bet in almost any situation.