Concept information
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health and social care
health care quality, access, and evaluation
health services research
cost of care, economics, finance, and payment mechanisms
Preferred term
market failure
Definition
- 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
Belongs to group
URI
https://concepts.sagepub.com/social-science/concept/market_failure
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