The Wisdom of Crowds

Synopsis

Concluding the AGE OF MADNESS trilogy, THE WISDOM OF CROWDS brings the series which is revolutionising fantasy to its stunning conclusion. . .

Chaos. Fury. Destruction.
The Great Change is upon us . . .
Some say that to change the world you must first burn it down. Now that belief will be tested in the crucible of revolution: the Breakers and Burners have seized the levers of power, the smoke of riots has replaced the smog of industry, and all must submit to the wisdom of crowds.

With nothing left to lose, Citizen Brock is determined to become a new hero for the new age, while Citizeness Savine must turn her talents from profit to survival before she can claw her way to redemption. Orso will find that when the world is turned upside down, no one is lower than a monarch. And in the bloody North, Rikke and her fragile Protectorate are running out of allies . . . while Black Calder gathers his forces and plots his vengeance.
The banks have fallen, the sun of the Union has been torn down, and in the darkness behind the scenes, the threads of the Weaver's ruthless plan are slowly being drawn together . . .

Summary

Chapter 1: The Folly of Experts

* Explains how experts often fail to predict outcomes due to overconfidence, bias, and lack of diversity.

Example: In 2008, economists almost unanimously predicted continued economic growth, missing the impending financial crisis.

Chapter 2: The Wisdom of the Crowd

* Introduces the concept that a group can make better decisions than any individual due to the aggregation of diverse knowledge and opinions.

Example: The stock market efficiently incorporates vast amounts of information, resulting in fairly accurate prices.

Chapter 3: Why Crowds Are Wise

* Examines the factors that contribute to the wisdom of crowds, including independence, diversity, decentralization, and feedback.

Example: Wikipedia's open and collaborative editing process leads to a high-quality encyclopedia.

Chapter 4: The Myth of Individualism

* Challenges the assumption that individuals are the primary source of knowledge and innovation.

Example: The invention of the World Wide Web was the result of multiple individuals collaborating over decades.

Chapter 5: The Limits of Crowds

* Discusses the situations where crowds can fail, including when the group is too small, biased, or lacking in diversity.

Example: A small group of investors making investment decisions can be prone to groupthink and poor outcomes.

Chapter 6: The Power of Diversity

* Emphasizes the importance of diversity in crowds for effective decision-making.

Example: The most successful companies have employees from diverse backgrounds and with different perspectives.

Chapter 7: Crowds and Democracy

* Explores the potential for crowds to improve democratic decision-making processes.

Example: Online polling and citizen assemblies can provide representative input on issues.

Chapter 8: The Future of Crowdsourcing

* Discusses the future applications of crowdsourcing, including in areas such as medical research and public health.

Example: The success of cancer research projects that rely on crowdsourcing for data analysis.

Chapter 9: The Wisdom of the Crowd in Our Everyday Lives

* Provides practical examples of how the principles of the wisdom of crowds can be applied in everyday situations.

Example: Using online reviews to make informed purchasing decisions or seeking advice from friends and family members on personal matters.