|
|
| Today, we are conducting street interviews to find out how people define market failure. | |
|
|
|
|
|
| I think this occurs when markets fail to produce an efficient outcome. | |
|
| Officer, please define market failure? | |
|
|
|
|
|
| Market failure is a rationale for government involvement in the economy. The government intervenes to correct the market failure. | |
|
| Senator, what is your definition of market failure? | |
|
|
|
|