Tuesday, October 31, 2006

Applying Crowd Knowledge to Wisdom of Crowds

I am half way through "The Wisdom of Crowds" by James Surowiecki. His approach is easy to read and entertaining. I decided to take a step back to make sure I'm not drinking too much koolaid. I decided to see if there are any criticism of the book that I should be aware of while reading. Over to Amazon I went for book reviews and decided to skim the negative reviews. It seems that the main complaints fall into three categories:

1) evidence is biased in favor of the thesis (what would you expect?)

2) it is an article/paper turned into a book (common practice for books that are meant to be consumed during a transcontinental flight)

3) a bit light on depth

Some reviews suggested more depth or related content in:

Elliott Wave Principle by Robert Prechter's
Extraordinary Delusions and The Madness of Crowds by Charles McKay

I will report back with my thoughts on the book when I finish and also if I get a chance to read the two recommended books.