The new President was giving his first speech

A market economy is an economic system in which the economic decisions and the pricing of goods and services are guided by the interactions of a country's individual citizens and businesses.

Now, Whatever the President told on this speech was absolutely correct because the one who is earning is going on earning and the one is cannot earn or who is earning very less is still in that same place or he might have gone his earning.

A simple example today as of 21st century 7th Dec 2020 can u tell that all people living on this world is living in their own shelter okay leave about the shelter are they getting atleast 3 times food a day. No, they're people in lakhs or crores all over the world without food, without their own shelter or even without a shelter also. This all because of the difference in income what they are having. And that is because of the inefficiency of the market economy.

So, without a doubt we can say that view of the President is correct.

Ares of the market economy Inefficient

Before that, A simple definition of Market economy Inefficiency is inefficient market is the one in which an asset's prices do not accurately reflects its true value, which may occur for several reasons. In reality, most markets do display some level of inefficiencies, and in the extreme case an inefficient market can be an example of a market failure.

Few Areas for a market failure (market economy Inefficient)

1.Monopoly

2. Missing Markets

3. Demerits Markets

4. Productive Inefficient

Like this there are many reasons for the market's economy to get inefficient.

Let's discuss an example to know in detail about the markets Inefficiency.

Today also to book an air ticket is not affordable to many people and that is a fact. Why is it like that because the ticket fare which they are offering is so high that people can't afford that but then also the airlines are not bothered to reduce their price. Now, In 2003 Air deccan named airlines which started their operations in 2003 and with an amazing concept that after a certain booking of their tickets to a particular sector they will be selling remaining tickets to price of INR 1 yes, and that was possible but it doesn't mean that the airline was not making any profit.The airline was making profit but due to pressure form the competitors in the airline field Air Deccan ceased their operation on 2008.

So, that was the Inefficiency of the market to give support to such an airline and that type of a concept. And that's why whatever the President told on that speech is correct regarding the Inefficiency of the market.

Now also many companies have the monopoly in that particular field and it is nearly impossible to get in to that field and give deliver some products below that market set price.