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The condition in which the economy is producing what people want at least possible cost pareto efficiency; pareto optimality A condition in which no change is possible that will make some members of society better off w/o making some other members of society worse off. pareto efficient change makes at least one party better off and no party worse off.
But either way, if a market failure exists the outcome is not Pareto efficient. Most mainstream economists believe that there are circumstances (like building codes or endangered species) in which it is possible for government or other organizations to improve the inefficient market outcome.he existence of a market failure is often the reason that self-regulatory organizations, governments or supra-national institutions intervene in a particular market.