Meaning of market failure | Babel Free

Definitions

A situation in which the allocation of goods and services by a free market is not efficient.

countable, uncountable

Equivalents

Examples

“From a policy perspective, market failure should be a matter of concern when market performance significantly deviates from the appropriate efficiency benchmark.”

“"Climate change is a result of the greatest market failure the world has seen. The evidence on the seriousness of the risks from inaction or delayed action is now overwhelming. We risk damages on a scale larger than the two world wars of the last century. The problem is global and the response must be a collaboration on a global scale."”

CEFR level