Difference between revisions of "Efficient"

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==Etymology==
 
==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.]
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[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]
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*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.
  
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.
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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 [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]
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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.[https://en.wikipedia.org/wiki/Economic_efficiency]
  
 
[[Category: Economics]]
 
[[Category: Economics]]

Latest revision as of 00:13, 13 December 2020

Lighterstill.jpg

Water-efficient.jpg

Etymology

Middle English, from Middle French or Latin; Middle French, from Latin efficient-, efficiens, from present participle of efficere - f. ex out + facere -to make.]

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 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 Economic liberalism or neoliberalism, though these terms are also used more narrowly to refer to particular 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.[1]