The Subjective Interpretation of the Medical Evidence

What can we apply from a medical paper to Spain's blackout? In both medicine and electricity, "Experts often subjectively disagree on how they interpret the same evidence and what recommendations they derive from it." What Spain and all electricity markets lack is a true market. True markets ruthlessly evaluate the ideas of many experts (and many non-experts!) and reject most. Sometimes the winners are the non-experts. True markets don't care about credentials, they care only about results.

Spain will have experts argue over evidence and recommendations and in the end, quite predictably, a single set of recommendations will be issued and acted upon. How will anyone know if those are the best recommendations? They won't, they can't. There isn't a market to test them against the recommendations of others.

What should Spain do? Find ways of adding more true market to the administrative market. "Consumer Regulated Electricity" or CRE is one such way. CRE would allow for the creation of new, independent, competitive, and large-scale utilities and grids. These new "CRE Utilities" would operate in a true market, allowing them to move faster, with greater innovation, and provide Spain with insight into how a true market functions. Without that insight, it is impossible for Spain to avoid the trap of trusting the most articulate and forceful experts, even though they could be completely wrong.

https://jamanetwork.com/journals/jama-health-forum/fullarticle/2816950