Bruce Schneier, eminent cryptographer, has declared market failure. He points to what he calls a meta-problem:
Those entrusted with our privacy often don’t have much incentive to respect it . . . What this all means is that protecting individual privacy remains an externality for many companies, and that basic market dynamics won’t work to solve the problem. Because the efficient market solution won’t work, we’re left with inefficient regulatory solutions.
Privacy is indeed an externality, but customer satisfaction is an externality,…
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