Crowds in Economics
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- Recently in the popular English press, many articles and books have
appeared about the "wisdom of the crowd", and about phenomena such
as "crowd-sourcing" and "crowd-funding".
- "Crowd-funding" especially came into prominence with the success of
Obama's presidential campaigns in 2008 and 2012, which depended for
funding on large numbers of small contributions (up to $500, which
is a lot of beer but way less than college tuition for a term).
- But crowds have been in the background of economics for a long time.
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