What makes an economy efficient, and what does it mean?
If it means everyone gets what they work for and need, and nobody gets a hoard...but somehow, I don't think that's it.
Definition of 'Economic Efficiency' A broad term that implies an economic state in which every resource is optimally allocated to serve each person in the best way while minimizing waste and inefficiency. When an economy is economically efficient, any changes made to assist one person would harm another.
http://www.investopedia.com/terms/e/economic_efficiency.aspWell then, it all depends on who defines: "optimally allocated" "waste" "inefficiency" and "harm another".
If the goals were: ecologically friendly, people friendly, socially breaking down the classes, meaningful occupation, and stewardship....I could go along with them. but that isn't what they mean, and we all know it.
Investopedia continues:
Measuring economic efficiency is often subjective, relying on assumptions about the social good created and how well that serves consumers. Basic market forces like the level of prices, employment rates and interest rates can be analyzed to determine the relative improvements made toward economic efficiency from one point in time to another.
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