The Voices/Wisdom of Web 2.0
by Chief Alchemist a.k.a Wiley Chin - March 23, 2007 Posted: 1:24:46 PM EDT

'The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations, first published in 2004, is a book written by James Surowiecki about the aggregation of information in groups, resulting in decisions that, he argues, are often better than could have been made by any single member of the group. The book presents numerous case studies and anecdotes to illustrate its argument, and touches on several fields, primarily economics and psychology...

The book relates to diverse collections of independently-deciding individuals, rather than crowd psychology as traditionally understood. There are parallels with statistical sampling theory—a diverse collection of independently-deciding individuals is likely to be more representative of the universe of possible outcomes, thereby producing a better prediction.

Its title is an allusion to Charles Mackay's Extraordinary Popular Delusions and the Madness of Crowds, published in 1841.'

~ Taken from Wikipedia.

 

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Wiley Chin
Chief Alchemist
XiMnet Malaysia Sdn. Bhd.

An alchemist of the Internet and marketing strategies, leading the charge to put our creative and software talents into serving companies who are out to slay the global giants. Also known as Chief of Caffeine Consumption and hallucinates between projects. Yes, that accounts for his “giant slaying” stuff.

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