[jes]

In this definition from Wikipedia, in the section on Microeconomics, it is claimed that perfect information is a physical impossibility.

Can you help me understand why free markets "by definition" require that which cannot exist?

http://en.wikipedia.org/wiki/Perfect_information

[makomk]

Oh, that's easy - free markets are an ideal that can't actually exist in the real world, in part because perfect information is impossible.

[contingencies]

Much like democracy.

[dragonwriter]

> Can you help me understand why free markets "by definition" require that which cannot exist?

Because, like "perfect information", "free markets" are an abstract conceptual ideal.

[tikhonj]

The same reason integrals require continuous functions, which also can't meaningfully exist: it's a mathematical model. Just because it can't possibly exist in the real world does not mean it's useless or even "wrong" per se.

[dinkumthinkum]

By George I think he's got it!