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CronoDAS comments on (One reason) why capitalism is much maligned - Less Wrong
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Not necessarily. Free markets with no regulation do a really bad job at encoding information about externalities such as pollutants.
And there's also adverse selection / information asymmetry effects, as in "The Market for Lemons". (There's a big difference between the market price of a new car and a used car that was purchased new from a dealer one day ago.)