Question
Efficiency is an important and recurring concept in economics. It is a central economic concept, and it is used in slightly different ways in different
Efficiency is an important and recurring concept in economics. It is a central economic concept, and it is used in slightly different ways in different economic models.What is efficiency?Does efficiency imply equity? I don't believe so but our text did not state it very clearly.
Our text states "There are trade-offs between using resources efficiently and attaining equity in the distribution of goods."
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Introduction to Econometrics
Authors: James H. Stock, Mark W. Watson
3rd edition
133595420, 978-0138009007, 138009007, 978-0133486872, 133486877, 978-0133595420
