Earlier quoted context omitted.
> As this article pointed out, there's a vast asymmetry of information, which prevents an efficient market, even in theory. What kind of theory are you using here? There might be some theoretical reasons to expect that symmetric information (and a few other conditions) will lead to an efficient market. But that doesn't mean that a pre-existing information symmetry is necessary for an efficient market. The classic exa…
"But that doesn't mean that a pre-existing information symmetry is necessary for an efficient market" The literal textbook prerequisite for efficient market is not just informatuon symmetry, its perfect information. You shoupd know that if you are making 'free market can do no wrong' arguments. Its like if all arguments about physics where made by 1st year university students that never moves beyond 'a hypothetical 1…
Please point me to that textbook.
Who says that free markets can do no wrong ever?
(I'm mostly saying that some markets might have some problems, sure. But most of the time most real world regulation dreamt up by real world politicians and implemented by real world civil servants etc is unlikely to improve them.)