This is true, but a simplification. Specifically, it doesn’t distinguish cases where good advice is mostly impersonal (e.g. how to invest money) from cases where the best advice will be highly personalized (e.g. diet).
In many complicated fields, like diet, good advice needs to be individual. Learning enough about the field to choose the right advice yourself may take years. And it’s prohibitively expensive to find what works best for you by trying everything. At best, you’ll stick with the first thing that works moderately well.
So I propose category (4): the advice is valuable, not because it relies on nonpublic information, but because matching the right advice to each person is complicated (though based on public info, such as medicine). People who study the field, master it, and then give personalized advice add real value. Most importantly, to trust the advice of such people, you don’t need to assume an extraordinary degree of altruism on their part. Ordinary situations like paying an expert for counseling may be sufficiently trustworthy.
Learning enough about the field to choose the right advice yourself may take years.
In that case, how could the expert possibly know enough about the field to choose the right advise for someone they only know through at-best several hour long appointments?
That’s a good point I hadn’t thought of. Many fields probably won’t be like what I described: one would need to know a lot both about the field and about the person who needs advice, to give personalized advice.
Still, I think in most fields good personalized advice requires many years of studying and working in the field, while a few weeks of studying the person who needs advice would be sufficient. There is a disparity, partially (wholly?) arising from the fact the expert is already experienced in the field when they start working with the client, and has also studied how to analyze clients’ requirements.
Of course, like you say, professionals that most people are able to hire can only give them a few hours of their time at most; often much less, like the 10-30 minutes of a typical doctor’s visit.
This is true, but a simplification. Specifically, it doesn’t distinguish cases where good advice is mostly impersonal (e.g. how to invest money) from cases where the best advice will be highly personalized (e.g. diet).
In many complicated fields, like diet, good advice needs to be individual. Learning enough about the field to choose the right advice yourself may take years. And it’s prohibitively expensive to find what works best for you by trying everything. At best, you’ll stick with the first thing that works moderately well.
So I propose category (4): the advice is valuable, not because it relies on nonpublic information, but because matching the right advice to each person is complicated (though based on public info, such as medicine). People who study the field, master it, and then give personalized advice add real value. Most importantly, to trust the advice of such people, you don’t need to assume an extraordinary degree of altruism on their part. Ordinary situations like paying an expert for counseling may be sufficiently trustworthy.
In that case, how could the expert possibly know enough about the field to choose the right advise for someone they only know through at-best several hour long appointments?
That’s a good point I hadn’t thought of. Many fields probably won’t be like what I described: one would need to know a lot both about the field and about the person who needs advice, to give personalized advice.
Still, I think in most fields good personalized advice requires many years of studying and working in the field, while a few weeks of studying the person who needs advice would be sufficient. There is a disparity, partially (wholly?) arising from the fact the expert is already experienced in the field when they start working with the client, and has also studied how to analyze clients’ requirements.
Of course, like you say, professionals that most people are able to hire can only give them a few hours of their time at most; often much less, like the 10-30 minutes of a typical doctor’s visit.