In The Wealth of Nations, Smith points out the possibility of producers contriving to raise prices. Are there other potential problems with the free-market system that he did not point out?

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While Smith's work was foundational for the discipline of economics, technology and business practices have changed radically over the past few centuries.

Free markets depend on symmetry of information. A consumer who wishes to buy a dozen eggs and can find out the prices at which local farmers are offering eggs will seek out the lowest-priced eggs, causing downward pressure on the price of eggs until the price is close to the cost of production. Contemporary algorithms for pricing of airline seats, or many other products sold over the internet, can vary prices depending on customer's presumed income and level of interest in the product, making it difficult for customers to discover and compare prices. This information asymmetry...

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