Participatory budgeting – Wisdom of crowds at work

In 2004 James Surowiecki in his famous book “The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations” discussed at length how collective decisions are made and that they can be much more rational and “correct” than those of a single or few experts. He uses examples form the fields of economy, politics and everyday life to support this point. I will try to describe another case where the wisdom of crowds seems to be

Read this article...