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The Wisdom of Crowds

in: Economics
Summary:

The book argues that a diverse collection of independently-deciding individuals is likely to make certain types of decisions and predictions better than individuals or even experts. It explores how large groups' aggregated information in areas such as problem-solving, innovation, and prediction often leads to remarkably accurate or effective outcomes.

Key points:

1. Collective Wisdom: The book's main idea is that large groups are smarter than a few experts. This 'crowd wisdom' can solve problems and make decisions more accurately.

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