The economist’s concept of efficiency, as I’ve discussed previously, is quite distinct from the meaning associated with it among non-economists.
Most people think of the term in the context of production of goods and services: more efficient means more valuable output is wrung from a given bundle of real resources (which is good) or that fewer real resources are burned up to produce a given output (which is also good).
Read this opinion article from U.E. Reinhardt in The New York Times here.
Most people think of the term in the context of production of goods and services: more efficient means more valuable output is wrung from a given bundle of real resources (which is good) or that fewer real resources are burned up to produce a given output (which is also good).
Read this opinion article from U.E. Reinhardt in The New York Times here.
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