Market failure
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In economics, market failure is a situation in which the allocation of goods and services by a free market is not efficient, often leading to a net social welfare loss. Market failures can be viewed as scenarios where individuals' pursuit of pure self-interest leads to results that are not efficient – that can be improved upon from the societal point of view.
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See also
- Contract failure
- Criticism of capitalism
- Distortion (economics)
- Government failure
- Great Depression
- Highest and best use
- Public economics
- Social cost
- Tyranny of small decisions
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