The Wisdom of Crowds: Why the Many Are Smarter Than the Few and How Collective Wisdom Shapes Business, Economies, Societies and Nations

What are the fundamental conditions that enable crowd wisdom? Discuss why these conditions are often difficult to maintain in practice, and describe what happens when even one condition is missing.

Under what circumstances do crowds fail to make intelligent conclusions? Use one practical example to defend your answer. Then, evaluate whether the failure is due to the crowd itself or the way the system surrounding the crowd was designed.

What are the differences between cognitive and coordination problems? How does this affect crowd wisdom? Analyze how these distinctions apply to real-world issues such as traffic management or financial markets.