Market failure
The Green Book, Central Government Guidance On Appraisal And Evaluation, Published by HM Treasury in 2020, suggests: ‘Market failure occurs where, a market is unable to function fairly according to the economic ideas of efficient markets, from a Green Book perspective which looks beyond simply economic efficiency this means the market is unable to provide satisfactory levels of welfare efficiency.’
The 2018 Green Book stated that market failure is: ‘…where, for one reason or another, the market mechanism alone cannot achieve economic efficiency.’
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