Instead, a market failure is a situation in which a given market does not efficiently organize production or allocate goods and services to consumers.

That's why markets are better at allocating capital and setting prices than any planning board ever could be.

This market would allocate the available "ecological budget" in an equitable and cost-effective manner.

Unlike governments, markets - which the demonstrators seek to demonise - allocate resources efficiently.

He writes: "markets allocate resources through arms-length transactions among decentralized actors.

In general, economists favor low rates over high ones because they believe that the free market allocates resources better than government tax writers.

Left to its own devices, of course, the market will allocate scarce resources.

As with externalities, we cannot expect markets to allocate resources efficiently if the markets do not exist in the first place.

"Market failure" occurs when private markets do not allocate goods or services efficiently.

I believe that one indisputable fact about capitalist economies is the efficiency with which markets allocate resources to create wealth.