The book was written by James Surowiecki who is the staff writer at the New Yorker for the Financial Page.
It seems to me to go without saying that the pricing of farm milk could do with considerably more wisdom than has been observed.
The elements of a “wise crowd” according to James Surowiecki is:
•Diversity of opinion – Each person should have private information even if it's just an eccentric interpretation of the known facts.
•Independence - People's opinions aren't determined by the opinions of those around them.
•Decentralization -People are able to specialize and draw on local knowledge.
•Aggregation - Some mechanism exists for turning private judgments into a collective decision. (This could be an actual functioning market.)
The system used to determine farm milk price is the exact opposite of wise. The system with the supporting cheerleaders are prime examples of intellectual inbreeding.
We need to find a way price farm milk from an information rich system. Unfortunately, there is a moral dilemma in that those in power having a lot riding on continuing the status quo. At the other end of this imbalance of power are the vast majority of dairy farmers who quietly accept the check in the mail box.