efficiency

the ratio of the output to the input of any system skillfulness in avoiding wasted time and effort

"she did the work with great efficiency"

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 and 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 efficiencyFor applications of these principles see:

Efficient market hypothesis

Welfare economics

Production theory basics

Documentary films -

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 -

Business efficiency

!Inefficiencyja:効率 ;性fi:TehokkuusCategory: Economic? efficiencyEcon-stub

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