As the world has grown more specialized, countless such experts have made themselves similarly indispensable. Doctors, lawyers, contractors, stockbrokers, auto mechanics, mortgage brokers, financial planners: they all enjoy a gigantic informational advantage. And they use that advantage to help you, the person who hired them, get exactly what you want for the best price.
Note: Highly specialized world needs more experts in many ways.
For instance: a study of California auto mechanics found they often passed up a small repair bill by letting failing cars pass emissions inspections—the reason being that lenient mechanics are rewarded with repeat business.
Note: This happens everywhere!
In a typical election period that includes campaigns for the presidency, the Senate, and the House of Representatives, about $1 billion is spent per year—which sounds like a lot of money, unless you care to measure it against something seemingly less important than democratic elections. It is the same amount, for instance, that Americans spend every year on chewing gum.
Note: Chewing gum beats the US President.
“Experts”—from criminologists to real-estate agents—use their informational advantage to serve their own agenda. However, they can be beat at their own game. And in the face of the Internet, their informational advantage is shrinking every day—as evidenced by, among other things, the falling price of coffins and life-insurance premiums.
Note: Internet powers people with low cost infomation. This changes the game of experts.