[Zuider]

>One of the defining characteristics of a free market is perfect information.

'Perfect information' is an unrealistic assumption used in neoclassical models which treat knowledge as just another input, on a par with raw ore, pork bellies or gasoline. In the real world it just doesn't work like that.

The defining characteristic of the free market is that it is a creative process of discovery. It creates knowledge where none existed before. There can be no such thing in principle as 'perfect information'. Information tends to exist in the state of being inherently dispersed among the actors, often tacit to the point of being inexpressible. The market facilitates the use of such knowledge, and the the discovery of new knowledge.