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Surowiecki justifies depriving savers of hundreds of billions of dollars of interest income on the basis of the greater good.
FORBES: Savers: Don't Shut Up, Speak Up!
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Furthermore, explains Surowiecki, there was no correlation between the performance of the smartest person in the group and the performance of that group.
FORBES: The Case for Crowdsourcing Innovation and Social Change
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Consider, too, that the economic growth Surowiecki is so concerned about is fueled by the very savings he sees so little need to reward.
FORBES: Savers: Don't Shut Up, Speak Up!
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In his book The Wisdom of Crowds, James Surowiecki discusses how disconnects between status and knowledge often lead to inefficient outcomes in decision-making processes.
FORBES: The Case for Crowdsourcing Innovation and Social Change
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Surowiecki wrote a best seller entitled The Wisdom of Crowds.
FORBES: Soros, Bretton Woods II And The Twilight Of The Gods
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Surowiecki points out that the main reason interest rates are low is not Fed policy but the weak economy, which has restrained the demand for credit.
FORBES: Savers: Don't Shut Up, Speak Up!
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Surowiecki discusses several examples of companies that have succeeded or floundered based on their ability to absorb information from the marketplace and innovate (or not) accordingly.
FORBES: The Case for Crowdsourcing Innovation and Social Change
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Besides, says Surowiecki, these groups are not mutually exclusive.
FORBES: Savers: Don't Shut Up, Speak Up!
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James Surowiecki presents a similar thesis.
FORBES: Soros, Bretton Woods II And The Twilight Of The Gods
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In a recent article in the New Yorker, James Surowiecki notes that the hassles of opening a new account may be one reason why people stay at one financial institution when a competitor like a credit union offers a better deal.
FORBES: Connect
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Mr Surowiecki acknowledges as much.
ECONOMIST: Collective intelligence
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Since Surowiecki has opened the door to plausible but unproven propositions, let me offer another: If the Fed were to let the incomes of retired savers rise to the free market level, those retirees would boost aggregate demand by spending a significant portion of the increase.
FORBES: Savers: Don't Shut Up, Speak Up!