|WikiProject Economics||(Rated Start-class, High-importance)|
Intro needs to be changed
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.
The phrase "The efficiency of an economy is used to determine how well an economic system serves society." is not appropriate. "How well an economic system Italic textservices societyItalic text is a normative goal. It is true that some do use the concept to make a judgement about "the service" to the society, but it implies a political goal. MH —Preceding unsigned comment added by 184.108.40.206 (talk) 03:57, 26 January 2008 (UTC)
Fair use rationale for Image:Pyat rublei 1997.jpg
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BetacommandBot 11:26, 6 July 2007 (UTC)
First Assumption Is Either Trivial or Inane
"No one can be made better off without making someone else worse off"
- This sounds like a comment from someone who either never took a principles of econ course, or took a very inadequate one. I recommend that this article be edited primarily by people with PhDs in the subject. Hermitage (talk) 05:26, 5 November 2014 (UTC)
opening sentence still really wrong; I deleted it
This article started with the following sentence: "Economic efficiency is the use of resources so as to maximize the production of goods and services."
With a reference to some book by Arthur O' Sullivan -- perhaps a lesser-known textbook for econ principles courses?
Anyway, this is really not correct. I teach economics at the college level, and I don't like the idea of my students reading this definition. For example, it is possible for an increase in leisure time to cause a decrease in the production of goods and services, but still increase efficiency. For example, if I voluntarily cut back my work hours from 40 to 35, and accept a pay cut from my employer that leaves their profit unchanged overall, this can be a Pareto improvement because I am made better off and no one is made worse off.
Better is probably to just start with the definition of Pareto efficiency and go from there. I'd look at how efficiency is defined in one of the more mainstream principles texts, like Krugman, or Mankiw, or Frank. I can come back to this at some point, but I don't have time to re-write the article at the moment. For now I just wanted to delete the opening sentence which was very wrong and misleading. Hermitage (talk) 05:24, 5 November 2014 (UTC)