In We Are Smarter than Me (Wharton School Publishing), authors Barry Libert and Jon Spector -- and a community of more than 4,000 people who contributed insights to the book -- illustrate how businesses can profit from the wisdom of crowds. Using case studies from product development, manufacturing, marketing, customer service, finance and management, the book, whose subtitle is How to Unleash the Power of Crowds in Your Business, shows what works, and what doesn't, when managers try to build community into their decision making.
Showing posts with label Wisdom of crowds. Show all posts
Showing posts with label Wisdom of crowds. Show all posts
Sunday, December 30, 2007
Wednesday, August 8, 2007
Q & A with James Surowiecki : The Wisdom of Crowds
How did you discover the wisdom of crowds?
The idea really came out of my writing on how markets work. Markets are made up of diverse people with different levels of information and intelligence, and yet when you put all those people together and they start buying and selling, they come up with generally intelligent decisions. Sometimes, though, they come up with remarkably stupid decisions—as they did during the stock-market bubble in the late 1990s. I was interested in what explained the successes and the failures of markets, and as I got further into it I realized that it wasn't just markets that were smart. In fact, crowds of all sorts were often remarkably wise.
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The idea really came out of my writing on how markets work. Markets are made up of diverse people with different levels of information and intelligence, and yet when you put all those people together and they start buying and selling, they come up with generally intelligent decisions. Sometimes, though, they come up with remarkably stupid decisions—as they did during the stock-market bubble in the late 1990s. I was interested in what explained the successes and the failures of markets, and as I got further into it I realized that it wasn't just markets that were smart. In fact, crowds of all sorts were often remarkably wise.
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