Those of us who are free-market capitalists implicitly embrace the "wisdom of the crowds".
:-) I`d argue that the above context actually is to embrace consensus. Remember, if a million people say a stupid thing, it`s STILL a stupid thing. It doesn`t suddenly become "wisdom."
Free-market capitalism involves a crowd setting the value of an item for sale. That`s not "wisdom," it`s just the effect of economic factors. That`s like saying a herd of deer running from a fire indicates some sort of discussion amongst the deer, with a decision to run in a particular direction. Not true: It`s each deer running from a fire to save its life. The overall effect is a generally similar direction, but there`s no wisdom involved.
So too, crowds don`t "think" about anything. They`re a statistical average for a set of actions, in almost all cases being less intelligent than any one person in that crowd`s thinking, decisions, and actions.