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Situation in which the allocation of goods and services by a free market is not efficient and can be improved upon from the societal point of view, often leading to a net loss of economic value
In neoclassical economics, market failure is a situation in which the allocation of goods and services by a free market is not Pareto efficient, often leading to a net loss of economic value. The first known use of the term by economists was in 1958, but the concept has been traced back to the Victorian philosopher Henry Sidgwick. Wikipedia