The Wisdom of Crowds: Why the Many Are Smarter Than the Few

Surowieki concentrates on three kinds of problems. The first are cognition problems (problems that are likely to have definitive answers, such as: "How many books will Amazon sell this month?"). The second are problems of coordination (problems requiring members of a group to figure out how to coordinate their behaviour with one another) and the third are problems of cooperation (getting self-interested, distrustful people to work together-- despite their selfishness). The brilliant first half of the book illustrates this theory with practical examples. The second half of the book essentially consists of case studies with each chapter talking about the way collective intelligence either flourishes or flounders. Much of this part deals with business topics such as corporations, markets and the dynamics of a stock-market bubble.

Surowieki has an engaging, direct style defending his surprising central thesis in entertaining ways by, for example, talking about laying bets on football games and political elections; traffic jams; Google; the Challenger explosion and the search for a missing submarine. The Wisdom of Crowds is an entertaining book making a serious point and by the end of the superb first half the reader has been made to accept that, while with most things, the average is mediocrity, when it comes to decision-making the average results in excellence. --Larry Brown