Information asymmetry:a tool of advantage

It is common for one party in a transaction to have better information than another party . In the parlance (language idiom)of the economist,such a case is known as information asymmetry.Websters dicyionary defines symmetry as ,balance and harmony in form,size,and position of parts;asymmetry would be the lack thereof.It is an expected phenomenon of our society that someone (usually an expert)knows more than someone else(usually a consumer)Consumers are consequently placed at a disadvantage,because of their limited knowledge.Prize winning rogue economist,Steven D Levitt,in his book,Freakonomics,explores the hidden side of information asymmetry phenomenon.Inhis chapter on the ku klux klan,and real estate agents,he writes how each group lost their powerful advantage and financial edge with people when the informational playing field was leveled.After world war II,the inner workings ,activities,and financial dealings of the klan were exposed on national radio by announcer Drew Pearson.the daily flow of information caused a rapid and permanent decline in klan membership.recently because of the internet,real estate agents,stock brokers ,insurance sales people,car dealers,and a host of other businesses,have lost their virtual monopoly on information ,leveling the playing field for the consuming public.A prime example is in the area of life insurance.In 1996 ,Quotesmith.com became the first of several websites that enabled a customer to compare . within seconds ,the price of term life insurance sold by dozens of companies.The result was a dramatic reduction in the prices of term life insurance.Information has shown itself to be the currency of the internet,and while it has not totally abated information asymmetry,it has mitigated its impact to a high degree.While this asymmetry has provided the basis for chicanery on many levels ,in almost every aspect of business,it has been a part of religious activety,especially during the dark ages With the latin only venue only ,and the prohibition to print the bible in laymans language by church authorities ,a monstrous form of assymetry had developed in regard to biblical information.Through the courageous efforts of martyrs like William Tyndale,the bible was translated into english and put in the hands of the common man.However ,almost two centuries of tradition and incorrect doctrinehad provided fertile ground for bigotry and hatred such as anti semitism.Had there been symmetry of information teaching the jewish roots of christianity ,conveying the inseparable ties between the church and Israel(Rom ch11 olive tree metaphor) perhaps the holocaust may not have happened.Perhaps Joseph Goebbels,(the head of nazi propaganda under Hitler) would not have been so effective in promoting the lies about the jewish people.Perhaps the true church will now stand up and support our beloved Israel during this time of resurgant anti semitism.Wemust commit our hearts to never allow something so diabolical as the holocaust to ever happen again.

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