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Rory Sutherland on why group decision making is often worse than personal judgement https://t.co/Gj6CRLLF40
It takes enormous discipline to NOT try to scale something that's working.
But some things just don't scale -- and trying to do so can destroy the golden goose in the process.
Many entrepreneurially minded people can't help themselves from trying.
The economist, philosopher, and writer Henry Hazlitt sums up the dilemma: In the modern world knowledge has been growing so fast and so enormously, in almost every field, that the probabilities are immensely against anybody, no matter how innately clever, being able to make a contribution in any one field unless he devotes all his time to it for ye... See more
Shane Parrish • The Generalized Specialist: How Shakespeare, Da Vinci, and Kepler Excelled
Everyone belongs to a tribe and underestimates how influential that tribe is on their thinking. There is little correlation between climate change denial and scientific literacy. But there is a strong correlation between climate change denial and political affiliation. That’s an extreme example, but everyone has views persuaded by identity over pur... See more
Collaborative Fund • Ideas That Changed My Life
One of the key lessons of the Wisdom of Crowds is that we don't always know where good information is. That's why, in general, it's smarter to cast as wide a net as possible, rather than wasting time figuring out who should be in the group and who should not. This idea is well suited to the internet.
James Surowiecki • The Wisdom of Crowds
Philosophers David Hume and William James both understood the smallness of the individual human mind compared to the vast expanse of nature and society, and they emphasized the irrationalities of the human mind when facing the daily problems put before us. If we are building principles for politics, we need approaches which are relatively fortified
... See moreMore important, there’s no real evidence that one can become expert in something as broad as “decision making” or “policy” or “strategy.” Auto repair, piloting, skiing, perhaps even management: these are skills that yield to application, hard work, and native talent. But forecasting an uncertain future and deciding the best course of action in the
... See moreJames Surowiecki • The Wisdom of Crowds
In the 50 years since Vernon Smith did his first experiment in [wisdom of crowds] and published the results, they have been replicated thousands of times in ever more complex variations. But the essential conclusion of those early tests has not been challenged : that, under the right conditions, imperfect humans can produce near-perfect results.