I'm right back at it again. Just like I've always said, you're too cool for school. You ain't here to make no friends. I'm right back at it again. Just like I have always said, you're too cool for school. You ain't here to make no friends. So here I am, I'm right back at it again. You ain't here to make no friends.
Economic efficiency is, roughly speaking, a situation in which nothing can be improved without something else being hurt. Depending on the context, it is usually one of the following two related concepts: 1  Allocative or Pareto efficiency: any changes made to assist one person would harm another.
T o economists, efficiency is a relationship between ends and means. When we call a situation inefficient, we are claiming that we could achieve the desired ends with less means, or that the means employed could produce more of the ends desired. âLessâ and âmoreâ in this context necessarily refer to less and more value.