Economic Efficiency

Literature Review on Economic Efficiency

In the Encyclopedia of Public Administration and Public Policy, [1] Brian E. Dollery and Joe L. Wallis provide the following summary about the topic of Economic Efficiency: Economic efficiency is defined in three main ways in economic discourse. First, technical or productive efficiency refers to the use of resources in a technologically most efficient manner. The second measure of economic efficiency, known as allocative efficiency, refers to the efficient distribution of productive resources among alternative uses so as to produce the optimal mix of output. Dynamic or intertemporal efficiency represents the third way of defining economic efficiency. Dynamic efficiency refers to the economically efficient usage of scarce resources through time, and thus, it embraces allocative and productive efficiency in an intertemporal dimension.

Resources

Notes and References

1. Entry about Economic Efficiency in the Encyclopedia of Public Administration and Public Policy (2015, Routledge, Oxford, United Kingdom)

See Also

Further Reading

• Global Encyclopedia of Public Administration, Public Policy, and Governance (2018, Springer International Publishing, Germany)