Justin du Coeur (jducoeur) wrote,
Justin du Coeur

For those who think that crowd-sourcing is the way to find the best solutions to problems...

... I offer up the observation that we are currently in the middle of a really *excellent* counter-example. I mean, much though everyone would like to blame the Nasty Evil Bankers, the reality is that the meltdown is happening mostly because we, as a herd, allowed ourselves to believe that the situation couldn't possibly be *that* bad. (Yes, a few very smart economists saw the credit crunch coming, but by and large that observation did *not* float to the top.)

So while crowd-sourcing may be a fine way to find good answers on matters of opinion, I think we've got a fine example here that it can truly suck on matters of fact, especially in complicated situations. And yes -- this does imply a need for some well-designed regulation over markets, at least to tame the feedback loops...
Tags: economy, technology

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