Today’s Throwback Thursday article “Big Data And The Madness Of Crowds” was written for Forbes.com on 6/17/2014. The context deals with the madness of crowds, which was the topic of a book written by Charles Mackay in 1841. Mackay wrote of the crowd psychology that drives numerous “national delusions.” Among the various manias were the tulip bubble of the 17th century, witch mania of the 16th and 17th centuries, and alchemists who sought to turn base metals to gold.
The problem with crowd psychology is that it created an emotional feedback loop, whereby dissent is often stifled by the crowd. This article counseled about not becoming victim of big data mania and its magic wand solutions. The reader was advised that “the value of big data is in analytics that are specifically designed for your business.” Isn’t that where we are today?
Click here to read the article.