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The Wisdom of Crowds

The Wisdom of Crowds is about the aggregation of information in groups, resulting in decisions that are often better than could have been made by any single member of the group. The opening anecdote relates Francis Galton‘s surprise that the crowd at a county fair accurately guessed the weight of an ox when their individual guesses were averaged (the […]

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Obama to cut deficit in half… After quadrupling it.

“Obama plans to slash deficit in half” is the title of this AP story. The attribution of fiscal responsibility to our current president is rather misleading. Here’s a graph from a Wall Street Journal article of the annual federal budget deficits over the last 30 years. Graph Source: http://online.wsj.com/article/SB123457407865686565.html Bush’s worst deficit was less than $500 […]