Comparative Healthcare Systems
Market failure occurs when the allocation of goods and services by a free market is not efficient, leading to a net loss of economic value. It often arises due to various reasons, such as externalities, public goods, monopolies, and information asymmetries, which can result in inadequate provision of healthcare services and access to essential medicines. Understanding market failure is crucial as it highlights the need for government intervention and policy reforms to improve healthcare delivery and ensure equitable access.
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