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| ==Etymology== | | ==Etymology== |
| [https://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.] | | [https://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] | + | *Date: [https://www.wikipedia.org/wiki/14th_Century 14th century] |
| ==Definitions== | | ==Definitions== |
| *1 : [[being]] or involving the [[immediate]] [[agent]] in producing an [[effect]] <the efficient [[action]] of [[heat]] in changing water to steam> | | *1 : [[being]] or involving the [[immediate]] [[agent]] in producing an [[effect]] <the efficient [[action]] of [[heat]] in changing water to steam> |
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| 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. | | 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. |
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− | 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. | + | 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 [https://en.wikipedia.org/wiki/Economic_liberalism Economic liberalism] or [https://en.wikipedia.org/wiki/Neoliberalism neoliberalism], though these terms are also used more narrowly to refer to particular [[Perspective|views]], especially advocating laissez faire. |
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− | 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] | + | Further, there are [[differences]] in views on microeconomic versus macroeconomic efficiency, some advocating a greater role for [[government]] in one [[sphere]] or the other.[https://en.wikipedia.org/wiki/Economic_efficiency] |
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| [[Category: Economics]] | | [[Category: Economics]] |