You're welcome. Thanks for considering my viewpoint. With respect to complexity: the world is filled with complex services where a purchase is a bet on outcome

You're welcome. Thanks for considering my viewpoint. With respect to complexity: the world is filled with complex services where a purchase is a bet on outcomes that will unfold over many years. This myth that people cannot organise themselves to procure complicated products/services without mandates, price controls, central economic planning, etc to best serve their own needs is outdated and needs to be put to rest. People in a complex economy delegate analysis and assessment of complexity to others, and this happens whether the delegation is mandated by a government regulation, or a result of voluntary decisions. To go back to my Apple example, the reason the typical consumer came to believe Apple products are long-lasting and well-made, and that Apple provides high quality support, is not because they personally interviewed everyone who's ever owned an Apple product. It's because public knowledge, like Wikipedia, or the reputations attached to particular products or companies, is a product of millions of minds, finding and filtering out information to produce an accurate picture of the world that can easily be digested by a typical person. It's a spontaneous bottom-up process that trumps anything that could you created by centralized committee. I think the most regulatory restriction that can be justified is labeling restrictions that codify common law. For example, if a court finds that a particular kind of advertisement claim is misleading, it would be useful to make a law stating any claim that follows this pattern is illegal, and for government officials to police commercial communications and punish parties making such claims. Beyond that though, I don't believe the complexity of our modern world can be addressed by mandatory solutions imposed by central committees. I think there's a very high cost attached to the centralized regulatory approach. For example, consider how much less health care spending may have increased if decentralized bottom-up processes predominated, instead of top-down organization: http://healthblog.ncpa.org/why-cant-the-market-for-medical-care-work-like-cosmetic-surgery/ http://healthblog.ncpa.org/why-cant-the-market-for-medical-c...