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>A prerequisite to a free market is perfect information. So there are no free markets? Perfect information is just a theoretical benchmark used by economists,
by bobcostas55 12y ago
>A prerequisite to a free market is perfect information.
So there are no free markets? Perfect information is just a theoretical benchmark used by economists, not something you'll ever encounter in real life.
>Insider information makes markets imperfect, thus losing the sort of holy grail property of getting the "right" price for a good.
What a load of nonsense. Just think for one second about what you wrote: not incorporating information into the price makes it "right"?
- crdoconnor 12y ago>Perfect information is just a theoretical benchmark used by economists It's not used as a benchmark. It's used as an assumption when building (largely wrong) neoclassical mathematical models of the economy.
- wavefunction 12y agoInformation can be incorrect. And yes to your larger question, there are no and have never been any free market in human history. I would challenge you to name one, if you can.