Markets consistently under-assess complexity, in both value and const components.
Simple systems are easy to assess and communicate. Complex systems are hard (expensive) to assess and communicate. This results in several asymmetries:
1. Complex systems are communicated in an oversimplified mode.
2. Asymmetries exist between buyers and sellers of products (Akerloff's "Market for Lemons".
3. Asymmetries exist for all parties over time in realising the long-term costs (or benefits) of systems. In the most pathological instance, a party (or parties) actively frustrate the process of widespread awareness of these costs -- lead, asbestos, tobacco, sugar, CO2, etc., etc.
Simple systems are easy to assess and communicate. Complex systems are hard (expensive) to assess and communicate. This results in several asymmetries:
1. Complex systems are communicated in an oversimplified mode.
2. Asymmetries exist between buyers and sellers of products (Akerloff's "Market for Lemons".
3. Asymmetries exist for all parties over time in realising the long-term costs (or benefits) of systems. In the most pathological instance, a party (or parties) actively frustrate the process of widespread awareness of these costs -- lead, asbestos, tobacco, sugar, CO2, etc., etc.
Corollary: security is a complex product.