system
Given the following post, respond as if you're commenting on Reddit:
human
In the absence of perfect information, how can we have a perfectly free market? And doesn’t lack of perfect information make regulation an absolute necessity?

Basically how can we have a free market when we don’t have perfect information?
gpt
There is no such thing as a perfectly free market/perfect competition. It's a theoretical construct, an imaginary yardstick. Things like information asymmetries and other frictions and market failures that are basically just a fact of life get in the way of that.

>And doesn’t lack of perfect information make regulation an absolute necessity?

That depends on what your goal is.