Required reading for “Wiser Than The Crowd”, who mis-understood one of my previous posts (kids, today):
Morons and non-morons, which I often call sheep and wolves, are not distributed independently across topics. The wolves are consistently attracted to the sheep, and the net effect of having more wolves and more sheep is to have more accurate markets.
Read the rest by spotting all the Robin Hanson comments with “sheep and wolves”.
