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Wall Street has come a long way from the insider-dominated world that was blown apart by the Great Depression.
James Surowiecki
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James Surowiecki
Age: 57
Born: 1967
Born: April 30
Journalist
Writer
Meriden
Connecticut
James Michael Surowiecki
Come
Insiders
Great
Dominated
Blown
Long
Depression
Way
Apart
World
Street
Streets
Wall
Insider
More quotes by James Surowiecki
In the business world, bad news is usually good news - for somebody else.
James Surowiecki
Breaking tasks down into smaller sub-tasks can be very useful.
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The smartest groups, then, are made up of people with diverse perspectives who are able to stay independent of each other. Independence doesn't imply rationality or impartiality, though. You can be biased and irrational, but as long as you're independent, you won't make the group any dumber.
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I typically don't adopt the ascetic approach. In part, that's because I do use the Net for research even as I'm writing (to check facts, or so on). But I think it's also because I find the possibility of distraction comforting.
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The challenge for capitalism is that the things that breed trust also breed the environment for fraud.
James Surowiecki
The fundamental problem with banks is what it's always been: they're in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky.
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Behavioral economists have shown that a sizable percentage of people are willing to pay real money to punish people who are taking from a common pot but not contributing to it. Just to insure that shirkers get what they deserve, we are prepared to make ourselves poorer.
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Capitalism, after all, is no fun when real failure becomes a possibility.
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The profit motive, indecorous though it may seem, may represent the best chance the poor have to reap some of globalization's benefits.
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Of course, presidents are always blamed or rewarded for the state of the economy.
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On Wall Street, fraudulent schemes tend to thrive during economic booms, and to blow up when times turn tough.
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The important thing about groupthink is that it works not so much by censoring dissent as by making dissent seem somehow improbable.
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Groups are only smart when there is a balance between the information that everyone in the group shares and the information that each of the members of the group holds privately. It's the combination of all those pieces of independent information, some of them right, some of the wrong, that keeps the group wise.
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From a social point of view, it's beneficial that homeownership encourages commitment to a given town or city. But, from an economic point of view, it's good for people to be able to leave places where there's less work and move to places where there's more.
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The truth is that the United States doesn't need, and shouldn't have, a debt ceiling. Every other democratic country, with the exception of Denmark, does fine without one.
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Downsizing itself is an inevitable part of any creatively destructive economy.
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Of course, plenty of people don't think that guaranteeing affordable health insurance is a core responsibility of government.
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The history of the Internet is, in part, a series of opportunities missed.
James Surowiecki
To be sure, if you watch CNBC all day long you'll pick up some interesting news about particular companies and the economy as a whole. Unfortunately, to get to the useful information, you have to wade through reams of useless stuff, with little guidance on how to distinguish between the two.
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The business of America shouldn't be subsidizing business.
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