Wisdom of Crowds

The Wisdom of Crowds = the theory that a larger group of diverse people can make better decisions, and display more intelligence than any smaller collection of experts

James Surowiecki's book of the same title focuses on collaborations whereby "a diverse group of individuals work largely independently of one another".

Key Book to Read

Book: The Wisdom of Crowds. Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations. James Surowiecki. Doubleday, 2004

"This book discusses the theory that a larger group of diverse people can make better decisions, and display more intelligence than any smaller collection of experts. Surowiecki's central concept is that the insights of a diverse group of individuals working independently can be aggregated together." (Review by Chris Cowan at http://humergence.typepad.com/the_never_ending_quest/2006/03/book_review_the.html)