Feel free to cite anything about which you have complete information.
> Markets depend on complete information. Else, how can someone accurately judge the value of something?
There are no guarantees, so you act based on perceived value. When you're right, you're better off. When you're wrong, you're worse off.
Note that the lack of complete information applies to govt decison making as well, but govts lack diversity and apply force.
> If I buy a candy bar that's actually only worth $1.00 to me for $2.00, there is a market failure.
Huh? If that candy bar is only worth $1.00 to you, why did you pay $2?
Ah, because you think that ingredient cost matters. That's a failure of end-to-end thinking.
Note govts fail in analogous ways, and often with greater ill effect, yet you don't mention that possibility.
You are proving my point valid; pure free market theory doesn't work because you never have complete information.
Feel free to cite anything about which you have complete information.
> Markets depend on complete information. Else, how can someone accurately judge the value of something?
There are no guarantees, so you act based on perceived value. When you're right, you're better off. When you're wrong, you're worse off.
Note that the lack of complete information applies to govt decison making as well, but govts lack diversity and apply force.
> If I buy a candy bar that's actually only worth $1.00 to me for $2.00, there is a market failure.
Huh? If that candy bar is only worth $1.00 to you, why did you pay $2?
Ah, because you think that ingredient cost matters. That's a failure of end-to-end thinking.
Note govts fail in analogous ways, and often with greater ill effect, yet you don't mention that possibility.