This document provides an overview of concepts related to rationality, language, and collective wisdom in networked societies. It discusses theories of bounded rationality and how individuals have limited cognitive abilities. It also examines the role of language beyond just communication, and how persuasion and lies are incorporated into social uses of language. The document advocates moving beyond formalistic views of rational agents to incorporate the networked and social aspects of decision-making. It discusses how collective intelligence through open information and crowd expertise can help address conflicts. The masses are posited as a potential source of collective wisdom.