Although Free markets are efficient since firms aim to maximise profits resulting in allocative efficiency, however the fact that this aim of wealth generation that focuses to satisfy a selfish motive may lead to some serious undesirable consequences on the society making it worse off. This video explains it all. It is a continuation from part 2 of market failure. Link is provided below:

Market Failure Part 1https://www.youtube.com/watch?v=RkDK0eZbM7s&feature=youtu.be

Market Failure Part 2 https://youtu.be/-Nw0J5wpZCM

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