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Preferred term

market failure  

Definition(s)

  • Market failure theories underlie most economic arguments for government intervention in the economy. When markets operate in accordance with standard economic assumptions, no person can be made better off except by making someone else worse off. [Source: Encyclopedia of Law & Society: American and Global Perspectives; Market Failure]

Broader concept(s)

Belongs to group

URI

http://data.loterre.fr/ark:/67375/N9J-CXZZ1R68-9

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