Are crowds wiser?

“We think usually that crowds–on average–can be wiser than individuals… most people got it wrong because whenever we are in an irrational, exuberant bubble, people fail to think correctly.” Nouriel Roubini in Newsweek, May 4, 2009. Same goes for democracy: on average we get it right… obviously, not necessarily! Just because we are all momentarily blinded by, say the orderliness of National Socialism, the egalitarianism of Socialism, or the justice provided by Religion, or the wealth of an ebullient Market, does not mean at all that we are wiser or right; it just means that the will of the majority gets affirmed. Democracy is not about being right, or wise, it’s just about expediency and giving everyone a chance to be part of the decision-making–it does not ensure the correct decision, nor that everyone will participate. Nothing wrong with that, in the absence of a higher authority, “thinking correctly” is in the eye of the beholder. In other words, I would rather be free to make a wrong decision, than be forced to make the right one… on average, that is.