Why free economies can outdo planned economies …

 James Surowiecki, in The Wisdom of Crowds, talked about an experiment Francis Galton, the father of modern statistics, ran at a 1906 county fair. Eight hundred people entered a competition to guess the weight of an ox that proved to weigh 1,198 pounds. While the winner was close enough, he was a long way away from the actual weight. However, when Galton gathered all 800 guesses and averaged them, he discovered that the average of 800 best guesses was 1,197 pounds.

About Ellen

Professional Mad Scientist for several years. Retired.
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