3 ms·
It's very rare that both parties engaged in any transaction are equally informed. But often the government is even less informed so they are utterly useless in
by cryptica 7y ago
It's very rare that both parties engaged in any transaction are equally informed. But often the government is even less informed so they are utterly useless in terms of intervention.
The best the government can do and should do is reduce power imbalances and market monopolies which give rise to information asymetry. Reducing wealth inequality should be the government's priority.
Money can buy trust. People are too focused on presentation instead of substance. People these days are incapable of seeing substance where it exists and they are easy to fool into seeing it where there is none.
- AnthonyMouse 7y ago"Equally informed" isn't actually required. All you need is to be informed enough to make a reasonable decision. If you know one of the products is less secure but $10 cheaper, you know essentially what you need to know even if the manufacturers have a ton of information about specific algorithms used and electrical impedance that you don't know or understand but that don't change the high level conclusions anyway. It's only when the customer doesn't even have the information that the product which is $10 cheaper is also less secure that you run into a problem.