Definition of Economic efficiency
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Economic efficiency Definition from Science & Technology Dictionaries & Glossaries
A measure of how well economic inputs (capital, labour, etc.) are combined to produce a given output. Economic efficiency is maximised when inputs are combined so as to produce the required output at minimum cost personsFAO
Economic efficiency Definition from Encyclopedia Dictionaries & Glossaries
English Wikipedia - The Free Encyclopedia
Strands of thoughtThere are two main strains of 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 takes place in the context of economic liberalism or neoliberalism, though these terms are also used more narrowly to refer to particular views, especially advocating laissez faire.
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