Why do we use experts? To predict the future. Consider a patient who is asking a physician about the future effects of a certain drug, or the investor who is asking a stock analyst about the future prices of a certain stock, or the manager who is asking a human resource manager about the future performance of a certain candidate, or the brand manager who is asking a market researcher about the future sales of a certain new product. Should we believe these experts? History tells us that accurate predictions of the future are rare. Many examples exist where the brightest and most qualified individuals failed to see the future. This series of articles presents examples from the arts (see part I), business (see part II), and science (see part III).
Should we believe the experts in business?
In 1876, Alexander Graham Bell offered his telephone patent to Western Union, the largest telegraph company in America, for $100,000. A committee of experts was convened to decide on the companys interest in the new technology. The decision was clear.
Bells profession is that of a voice teacher yet he claims to have discovered an instrument of great practical value...
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