This is just one of those definition things where the common amateur usage of terms differs from their meaning amongst professionals in the relevant field. The common understanding of "free market" seems to be synonymous with "unregulated market", but that's not how economists use the term.
Which matters a hell of a lot more than those professionals' opinion, as unfortunately democracy's current models rely far more on what the amateur 'baseline' knowledge is and not 'what the professionals know'.
As the professionals are probably fine bellowing off their ivory towers so they can later go doen as "having been right" rather than actually attempting to change things (except Lessig who iirc tried with a PAC), I don't think relying on them will get you anywhere. Better to analyze what the people think and why, and work to improve that baseline, than ignore it.
(Or come up with an alternative model of democracy which does privilege 'professional known' information with minimal corruption risk somehow.)
