Economic Efficiency

Louis Cranier

No jd5zp, OSF Preprints from Center for Open Science

Abstract: In microeconomics, economic efficiency, depending on the context, is usually one of the following two related concepts: Allocative or Pareto efficiency: any changes made to assist one person would harm another. Productive efficiency: no additional output of one good can be obtained without decreasing the output of another good, and production proceeds at the lowest possible average total cost.

Date: 2022-07-29
New Economics Papers: this item is included in nep-eff
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Persistent link: https://EconPapers.repec.org/RePEc:osf:osfxxx:jd5zp

DOI: 10.31219/osf.io/jd5zp

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