Efficiency (economics)
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Economic efficiency is a general term for the value assigned to a situation by some measure designed to capture the amount of waste or "friction" or other undesirable economic features present. The term microeconomic reform refers to any policy designed to increase economic efficiency.
There are several measures of economic efficiency,
including:
- Pareto efficiency
- Kaldor-Hicks efficiency
- X-efficiency
- Allocative efficiency
- Distributive efficiency
- Productive efficiency
- Optimisation of a social welfare function
- OPTIMUM – The Crusade For Efficiency, A Film by Henry Colomer, 2000, 55 minutes, This documentary focuses on three crusaders for efficiency, namely Jeremy Bentham, Charles Babbage and Francis Galton.
See also
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