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The free market is a bad model because it assumes a load of stuff that is extremely rarely true.

Two assumptions of the model - that all people involved in the market have perfect information and that they make perfectly rational decisions in their own interest, are so obviously wrong that I'm really surprised anyone takes it that seriously as a model.

But I'm coming from a background where models with obviously wrong assumptions that produce predictions that don't match the measured outcomes are discarded.

I do have to say... I've learned a lot from this thread.