Jun 27, 2007
Are crowds wise or dumb?

Groups of people are dumber than their constituent members when they exchange words, like in committees, boards, governments, meetings, etc.

Groups of people are smarter than their constituent members when they exchange actions. Markets are smarter than individuals because currency is a surrogate for action.

— me

Comments gratefully appreciated. Please send them to me by any method of your choice and I'll include them here.

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