4. Markets aren't actually efficient because they are stacked in favor of incumbents through their ability to lobby for anti-competitive legislation, as can be seen with the perversion of the copyright and patent systems.
Markets aren’t going to deliver best value to anyone without being forced to.
Eventually, every company wants to own the market, and convincing government to do so is a key part of that strategy. The invisible hand sometimes is holding a visible club.
I am saying the opposite: the market becomes less efficient as a result of legislative capture. But it is a feedback loop, so attributing the dynamics to simple cause and effect is not appropriate.
