Adjacent: Mind & Society · Adjacent
Psychology of Markets & Crowds
When crowds are wise and when they go mad. Galton's ox and the wisdom of crowds, Le Bon and Mackay on manias, herding and information cascades, the anatomy of bubbles from tulips to tech, and how to use crowd psychology instead of being used by it.
Step 1 of 6 · Overview35 min read ·
Key idea
Prereqs: Social proof & conformity; Overconfidence & calibration; Minsky (Great Minds). Next: Psychology of the internet. Sources: Galton (1907, *Nature*), Surowiecki's *The Wisdom of Crowds* (2004), Le Bon's *The Crowd* (1895), Mackay (1841), Shiller's *Irrational Exuberance*, Kindleberger's *Manias, Panics, and Crashes*.Next: 1. Wise crowds