lambdapie

You are implying that I don't realize that insider trading reveals extra information. But I have clearly stated in almost every post that insider trading would reveal additional information. There's no point continuing this discussion if I am responding to what you say but you're ignoring what I say. I'd ask you to keep an open mind and not assume that other people just need to be enlightened via terse replies.

When it comes to intentionally making people feel bad about themselves, I don't see much of this, since negative advertising is not very popular. Most advertising I see is motivational/aspirational, i.e. showing people an image that people believe they can attain.

There is only one thing which is more unreasonable than the unreasonable effectiveness of mathematics in physics, and this is the unreasonable ineffectiveness of mathematics in biology.

— Israel Gelfand

That said, my employer has standards for security and privacy that go well beyond industry norms, so if I was working elsewhere maybe I would feel the need for better standards across the industry.

In my experience, software engineers tend to be conscientious. Caring about the big picture is a big part of open source, hacker and nerd culture. But knowledge is hard to come by. I learnt from the experts, but I doubt most engineers would be able to build a simple CRUD app form scratch without major security holes.

It would be nice to see some best practices around security and privacy emerge without forcing everyone to write Ada or Coq or completely change their approach to writing software.

Your argument that other professions do it is invalid. In fact the government should be more proactive in ensuring that professions only impose valid conditions on employment, and don't add spurious requirements in order to exclude people from the profession, in order to, as you say "protect [their] careers and incomes".

Am I missing anything else? Did the author make a specific argument for why insider trading would prove to be efficient (i.e. why the effect on liquidity outweighed the increased information revelation?) I doubt it since the author's language suggest someone familiar with law and philosophy but not so much finance and econ.

Once we see that this isn't the case, it becomes necessary to do a cost benefit analysis to determine the true effect of allowing insider trading. But as you say, this should be done on a utilitarian basis, not on some imagined "rights" of the counterparty to insider trading. (EDIT: I don't mean to imply that economic analysis from a utilitarian POV can't clarify what we should think of as people's rights, but rather that as you said, causing someone else to have a negative outcome does not prove that someone's rights are being violated)