What is market failure?

This is chapter 15 within the mega-episode "What is a market?"

In this episode, I plan the discuss about the concept of market failure.

Markets do not always work perfectly. Sometimes markets fail as well.

So, what do we mean by market failure?

And why does it happen?

Thus, here are the three scenarios of market failure:

• Functional failure
• Role failure
• Outcome failure

Credits:

• Narrated by Sid Barthakur
• Music by Alexi Action from Pixabay