Criteria
There are several alternate criteria for economic efficiency, these include:
- Pareto efficiency
- Kaldor-Hicks efficiency
- X-efficiency
- Allocative efficiency
- Distributive efficiency
- Dynamic efficiency
- Productive efficiency
- Optimisation of a social welfare function
- Utility maximization
For applications of these principles see:
- Efficient market hypothesis
- Welfare economics
- Production theory basics
- Microeconomic reform
Read more about this topic: Economic Efficiency
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