market failure

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English

Noun

market failure (countable and uncountable, plural market failures)

  1. (economics) A situation in which the allocation of goods and services by a free market is not efficient.
    Coordinate term: government failure
    • 2007, Clifford Winston, Government Failure versus Market Failure: Microeconomics Policy Research and Government Performance, Brookings Institution Press, →ISBN, page 3:
      From a policy perspective, market failure should be a matter of concern when market performance significantly deviates from the appropriate efficiency benchmark.
    • 2007 November 29, Alison Benjamin, “Stern: Climate change a 'market failure'”, in The Guardian‎:
      "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."

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