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Back in 2014 there were a lot of studies on wisdom of the crowds. You’d have to explain why they beat experts at many fields yet in others they would be worse.
by EGreg 4y ago
Back in 2014 there were a lot of studies on wisdom of the crowds. You’d have to explain why they beat experts at many fields yet in others they would be worse. Most of the failures (FTX, MtGox, Softbank, invasions of Iraq and Ukraine, wars in general) are the result of centralization, not the regular people (who don’t want to kill others en masse). Centralizing power and decision making in a few hands leads to a lot of consequences:
https://www.npr.org/sections/parallels/2014/04/02/297839429/-so-you-think-youre-smarter-than-a-cia-agent https://www.npr.org/sections/parallels/2014/04/02/297839429/...
- tremon 4y agoThat's not hard. Most cases where wisdom of the crowd works fine is when the crowd does not have a personal or emotional stake in the outcome. Such gatherings attract mostly people that have an interest in that particular area, so the crowd self-selects for competence. What is your expected outcome when you let the crowd decide how much taxes they pay, or how much to spend on road/water/electricity grid maintenance?