The Dangers of Homogeneous Thinking
By jason - up to 2007 (archived) • Jul 6th, 2007 • Category: News for Creatives (archives)James Surowiecki, author of The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations spends a lot of time discussing this phenomenon. There can be wise crowds as opposed to the “mob” that characterized the Internet or real estate bubbles. What characterizes the wise crowd? According to Surowiecki:
I) Diversity of opinion - Each person should have private information even if it’s just an eccentric interpretation of the known facts.
II) Independence - People’s opinions aren’t determined by the opinions of those around them.
III) Decentralization - People are able to specialize and draw on local knowledge.
IV) Aggregation - Some mechanism exists for turning private judgments into a collective decision.
From Value Discipline
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