Specifically, Stiglitz argued that incomplete information could lead to unnecessarily high unemployment and other undesirable outcomes that could be improved on by government intervention.
In a similar vein, Dasgupta (1980, p. 115) noted in response to Hayek’s (1945) position: “It can immediately be argued that the fact that much information is private is not on its own sufficient to warrant the unfettered play of market forces to be judged the best possible resource allocation mechanism.”  -9financial crisis.