Efficiency (economics)

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.

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There are several measures of economic efficiency,

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including:

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• Pareto efficiency
• Kaldor-Hicks efficiency
• X-efficiency
• Allocative efficiency

For applications of these principles see:

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• Efficient market hypothesis
• Welfare economics
• Production theory basics
 
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