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.
A big issue in economics is the trade off between efficiency and equity. 1  Efficiency is concerned with the optimal production and allocation of resources given existing factors of production. 2  Equity is concerned with how resources are distributed throughout society. 3  Vertical equity is concerned with the relative income and welfare of the whole 4  ... H