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this provision is a market failure. As such, like transportation and armies and education, the service is best provided - on a micro level - in something other than a free market model.

Or, that the free market might possibly work well, but there is something else causing a market failure.




That doesn't make sense.

Wiki definition:

Market failures can be viewed as scenarios where individuals' pursuit of pure self-interest leads to results that are not efficient – that can be improved upon from the societal point-of-view.

In other words, the free market is the failure.


I think this is all a problem with terminology. The market "doesn't work" or "isn't allowed to exist" in the first place?




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