The Wisdom of the Crowds

Saturday, July 31, 2021 6,237 views

English scientist Francis Galton was a statistician who developed the important concepts of correlation and regression toward the mean. He discovered that the collective wisdom of many is more accurate than the wisdom of a few and published his resultsin a short article titled Vox Populi (The Voice of the People) in Nature Magazine in 1907. See a similar experiment to the IFA Jelly Bean Challenge from NPR Radio when they had 1,700 people guess the weight of a cow. To view the details on the books mentioned at the end of the video, see The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations (2004), Memoirs of Extraordinary Popular Delusions and the Madness of the Crowds (1869 Edition), and The Great Mirror of Folly (1720). The IFA Art Gallery includes the all the paintings in this video.


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