word
market failure in environment
MAR-ket FAYL-yer in en-VY-run-ment
ˈmɑːrkɪt ˈfeɪljər ɪn ɪnˈvaɪrənməntListen
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Syllable breakdown
marketfailureinenvironment
Dictionary meaning
the inability of unregulated markets to allocate environmental resources efficiently due to externalities, public goods characteristics, information asymmetries, and the absence of property rights over natural assets; leads to overexploitation of natural resources and underinvestment in environmental protection; used to justify environmental regulation, taxation, and subsidies as corrective policy tools
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