Changes

==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>

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.

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.

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]

[[Category: Economics]]

[[Category: Economics]]