Great comment - the concept you speak of can be described as an "information asymmetry" or more broadly as "bounded rationality" as opposed to econ 101 theories which often assume "perfect information" or perfect rationality.

https://en.wikipedia.org/wiki/Information_asymmetry https://en.wikipedia.org/wiki/Bounded_rationality

I think really only a rabid free-marketer (as opposed to all economists as you imply in the first sentence) would expect the market to self correct on something like this.