Our characterization of collective folly is that sound judgment is not feasible when there is forced or false agreement in groups. We also show how group polarization sets the stage for risky and even dangerous decisions to be made. How we navigate between false agreement and polarization is the kind of mastery that collective wisdom represents.
We can lose so much of what we've gained in terms of the kind of democratic freedoms and market-based economies and prosperity that we've come to take for granted.
My mom was on welfare and the occasional food stamp, but I have never participated in any of those governmental programs, even the ones that kind of work like education, scholarships and whatever, and I managed to do just fine.