A crowd is wiser than a select few ?

Professor Jim Heskett asks an open question while reviewing James Surowiecki’s book: The Wisdom of Crowds: Why the Many Are Smarter than the Few and How Collective Wisdom Shapes Business, Economics, Societies, and Nations. Can a select group of knowledgable people can decide better than a group of experts ? And according to the book and the research behind it, it is the case that a group (not using the word crowd here !) can decide better than experts. I have my set of doubts whether this can be universally true.
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