Instead, a market failure is a situation in which a given market does not efficiently organize production or allocate goods and services to consumers.

When the state winds up allocating goods and services, more things are "decided" and fewer things "happen."

One of the main roles markets play is allocational; they allocate goods to the buyers with the highest valuation.

Planners use that information to advise buyers about what merchandise to purchase and how to allocate goods to stores.

The principle is sometimes likened to the function of prices in allocating private goods.

In general, markets are a wonderful mechanism for efficiently allocating goods, and often the Government has no business interfering.

Therefore, it is argued, a more egalitarian society requires both market and non-market mechanisms, to allocate goods in a fair way.

Permitting free markets to allocate goods and services was supposed to improve the efficiency of production, not cause a depression.

But as it allows market forces to set prices and allocate goods, the Communist Party diminishes its own role.

Bureaucrats in all those countries sometimes seemed to think that they were better at allocating capital and goods than markets were.