> and it requires a bunch of conditions that don't always apply (eg, perfect information, commoditization, etc) Not only this, but large parts of the current e

> and it requires a bunch of conditions that don't always apply (eg, perfect information, commoditization, etc) Not only this, but large parts of the current economy only function because the conditions don't apply. E.g., we know that humans don't make perfectly rational decisions but are influenced by all kinds of biases, etc. And we have the entire advertising and marketing sector that does nothing else than exploit those biases. Yet at the same time, whenever there is the risk of new regulation being introduced, the fantasy of the perfectly informed, fully rational consumer is pulled out of the box...