Thursday, November 28, 2013

A Note on Information Asymmetry (Cafe Hayek Reblog)

A nice quote.

"Perhaps the greatest information asymmetry of all is the stark difference between the enormously deep, rich, and personal knowledge that each individual has of himself or herself and the necessarily sparse and inadequate knowledge that government officials have of each of the individuals over whom they are empowered to rule"

In the comments, the discussion turns to GMO labeling, for which this readily applies.