Reviews

Book Review: The Wisdom of Crowds by James Surowiecki

By posted at 5:24 am on July 22, 2005 0

coverAnyone who enjoyed Malcolm Gladwell’s The Tipping Point or Blink or Steven D. Levitt’s Freakonomics, will likely be interested in The Wisdom of Crowds by the New Yorker’s business columnist, James Surowiecki. Surowiecki’s premise is that groups of diverse people can collectively come to a better conclusion than even the smartest individual. Like other books of pop economics, Surowiecki employs dozens of real world examples. Among the most interesting was a discussion of why “groupthink” led to the crash of the space shuttle Columbia. Another was Surowiecki’s persuasive argument that a “market” where the probability of terrorist attacks (or other threats) could be bought and sold, would be better at predicting those attacks than our current system of intelligence. Unlike Gladwell, however, Surowiecki fails to make his examples sing. Crowds is weighed down by long stretches of prose in which Surowiecki touches on one academic study after another, continually referring back to his premise, “the wisdom of crowds,” as if trying to drill it into his readers’ heads. Certainly, though, anyone with a passing interest in economics – and especially the behavioral aspects of economics – will enjoy the book, but it fails to compete with the genre’s better examples.





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