Doctors, lawyers, contractors, stockbrokers, auto mechanics, mortgage brokers, financial planners: they all enjoy a gigantic informational advantage.

Security: The goal here is to never permit hostile factions to acquire a military, political, or informational advantage.

"Bestowing an informational advantage on a select few at the expense of others undermines investor confidence and cannot be tolerated."

Thus, in rational expectations models in which the government has an informational advantage, there is scope for the government to use policy to stabilize output.

"That could have provided informational advantage to Princeton beyond just whether a student was accepted or rejected," Mr. Michel said.

In a society where responsible profit-making is praised, it would be inconsistent to require parties to forgo legitimately earned informational advantages.

Do insiders exploit this informational advantage, at the expense of uninformed investors?

Externalities, public goods, informational advantages, strong economies of scale, and network effects can cause market failures.

The shift further erodes the informational advantage professional investors once enjoyed over individuals.

As we step thru successive revolutions: agricultural, industrial, informational, evolutionary advantages may change substantially each time.