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Created page with 'File:lighterstill.jpg ==Etymology== [http://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English], from Middle French or ...'
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==Etymology==
[http://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English], from Middle French or [[Latin]]; Middle French, from Latin efficient-, efficiens, from present participle of efficere - f. ex out + facere -to make.]
*Date: [http://www.wikipedia.org/wiki/14th_Century 14th century]
==Definitions==
*1 : [[being]] or involving the [[immediate]] [[agent]] in producing an [[effect]] <the efficient [[action]] of [[heat]] in changing water to steam>
*2 : productive of [[desired]] effects; especially : productive without waste <an efficient worker>
==Description==
[[Economic]] '''efficiency''' is used to refer to a [[number]] of related [[concepts]]. It is the using of [[resources]] in such a way as to maximize the production of [[Things|goods]] and services. One [[economic]] [[system]] is more efficient than another (in [[relative]] terms) if it can provide more goods and services for [[society]] without using more resources. In [[absolute]] terms, a [[system]] can be called economically efficient if:
* No one can be made better off without making someone else worse off.
* More output cannot be obtained without increasing the amount of inputs.
* Production proceeds at the lowest possible per-[[unit]] cost.
These definitions of [[absolute]] efficiency are not equivalent, but they are all [[encompassed]] by the [[idea]] that nothing more can be achieved given the [[resources]] available.
There are two main strains in [[economic]] [[thought]] on economic efficiency, which respectively emphasize the distortions created by [[governments]] (and reduced by decreasing government involvement) and the distortions created by markets (and reduced by increasing government involvement). These are at times [[competing]], at times [[complementary]] – either [[debating]] the overall level of government involvement, or the [[effects]] of specific government involvement. Broadly speaking, this [[dialog]] is referred to as [http://en.wikipedia.org/wiki/Economic_liberalism Economic liberalism] or [http://en.wikipedia.org/wiki/Neoliberalism neoliberalism], though these terms are also used more narrowly to refer to particular [[Perspective|views]], especially advocating laissez faire.
Further, there are [[differences]] in views on microeconomic versus macroeconomic efficiency, some advocating a greater role for [[government]] in one [[sphere]] or the other.[http://en.wikipedia.org/wiki/Economic_efficiency]
[[Category: Economics]]
==Etymology==
[http://nordan.daynal.org/wiki/index.php?title=English#ca._1100-1500_.09THE_MIDDLE_ENGLISH_PERIOD Middle English], from Middle French or [[Latin]]; Middle French, from Latin efficient-, efficiens, from present participle of efficere - f. ex out + facere -to make.]
*Date: [http://www.wikipedia.org/wiki/14th_Century 14th century]
==Definitions==
*1 : [[being]] or involving the [[immediate]] [[agent]] in producing an [[effect]] <the efficient [[action]] of [[heat]] in changing water to steam>
*2 : productive of [[desired]] effects; especially : productive without waste <an efficient worker>
==Description==
[[Economic]] '''efficiency''' is used to refer to a [[number]] of related [[concepts]]. It is the using of [[resources]] in such a way as to maximize the production of [[Things|goods]] and services. One [[economic]] [[system]] is more efficient than another (in [[relative]] terms) if it can provide more goods and services for [[society]] without using more resources. In [[absolute]] terms, a [[system]] can be called economically efficient if:
* No one can be made better off without making someone else worse off.
* More output cannot be obtained without increasing the amount of inputs.
* Production proceeds at the lowest possible per-[[unit]] cost.
These definitions of [[absolute]] efficiency are not equivalent, but they are all [[encompassed]] by the [[idea]] that nothing more can be achieved given the [[resources]] available.
There are two main strains in [[economic]] [[thought]] on economic efficiency, which respectively emphasize the distortions created by [[governments]] (and reduced by decreasing government involvement) and the distortions created by markets (and reduced by increasing government involvement). These are at times [[competing]], at times [[complementary]] – either [[debating]] the overall level of government involvement, or the [[effects]] of specific government involvement. Broadly speaking, this [[dialog]] is referred to as [http://en.wikipedia.org/wiki/Economic_liberalism Economic liberalism] or [http://en.wikipedia.org/wiki/Neoliberalism neoliberalism], though these terms are also used more narrowly to refer to particular [[Perspective|views]], especially advocating laissez faire.
Further, there are [[differences]] in views on microeconomic versus macroeconomic efficiency, some advocating a greater role for [[government]] in one [[sphere]] or the other.[http://en.wikipedia.org/wiki/Economic_efficiency]
[[Category: Economics]]