[donkalypse]

Theoretically, free markets do work best. But practically, they do not exist other than in nature itself. Free markets are, like nature, void of positive feedback loops. Free markets dispose of irrational actors. Free markets trend towards efficiency.

"It was historically a fact because you did not have big data or ways of computing to process supply and demand properly." Realize "the market" is the computing mechanism and that the real-time information it produces is decentralized and fragmented.

Perhaps a technological solution will aid "the market" in converging more quickly and ultimately democratize the information it produces. I truly hope so. But, based on my observations, the market isn't doing that great job disposing of irrational and/or bad actors. This terrible article on The Guardian is an example.