> A market failure occurs whenever the individuals in a group end up worse off than if they had not acted in perfectly rational self-interest. Such a group either incurs too many costs or receives too few benefits.

> Even though the concept seems simple, it can be misleading and easy to misidentify.

> Contrary to what the name implies, market failure does not describe inherent imperfections in the market economy

> Additionally, not every bad outcome from market activity counts as a market failure.

As I say, I think he's using it in a very much more colloquial manner: "I don't like the outcome of the market process", which is fine.