It also requires perfectly rational actors with perfect information. If they can suppress information about competition or manipulate you to have loyalty then it doesn’t work, and both of these happen constantly.
I don’t think that’s necessarily true. If the market is sufficiently free, you only need a handful of experts to look past the BS and inform the public. In the past, we called those people journalists, and they would hold bad actors to task.
The issue seems to be that government has given in to moneyed interests and allowed them to shut down critics. If we had actual consequences, like jail time or confiscation of personal wealth for illegal behaviour, I think it would self-correct.
It also requires perfectly rational actors with perfect information. If they can suppress information about competition or manipulate you to have loyalty then it doesn’t work, and both of these happen constantly.
I don’t think that’s necessarily true. If the market is sufficiently free, you only need a handful of experts to look past the BS and inform the public. In the past, we called those people journalists, and they would hold bad actors to task.
The issue seems to be that government has given in to moneyed interests and allowed them to shut down critics. If we had actual consequences, like jail time or confiscation of personal wealth for illegal behaviour, I think it would self-correct.