Economic Efficiency


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Economic Efficiency

 

the ratio between the results of production—output and material services—on the one hand and expenditures of labor and the means of production on the other. Under socialism, economic efficiency is a key index of economic development. For the capitalist entrepreneur, expenditures take the form of fixed capital stock and circulating productive capital advanced by him, and results take the form of profits. Comparisons of expenditures and results based on report and statistical data for the various branches of the economy and for the national economy as a whole are used in the management of capitalist firms, whose primary motive is the desire to maximize profits.

References in periodicals archive ?
This study aims to compute the technical, allocating, and economic efficiency of Iran banks.
The purpose of this contract is to develop the quality of care, increase productivity and economic efficiency of all activities PKN.
Bowles argues that it is wrong to view efficiency and equality as competing goals and, moreover, that some redistributive policies will actually improve economic efficiency rather than damage it.
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The new coating system, Relest Wind Leading Edge, improves the economic efficiency of wind turbines.
Once constructed, the facility will proceed with testing to verify the reliability, economic efficiency, and operability of an oxygen-blown IGCC system.
THE INVESTMENT IN TECHNICAL DEVELOPMENT AND THE ECONOMIC EFFICIENCY OF THE INVESTED CAPITAL
By charging the costs of those programs or activities to beneficiaries, user fees can also promote economic efficiency and equity.
With the introduction of the Single Business Tax, the State of Michigan was pursuing four laudable goals: alleviating a budget shortfall owing to the recession of the early 1970s, providing a more stable source of tax revenue than had previously been collected, promoting economic efficiency by encouraging investment in the state, promote economic efficiency by taxing all forms of business entity, regardless of form, and easing the compliance burden by providing a single tax that was easier to administer than the seven taxes that it replaced.
One of the central principles of the company is to recycle as much as possible in what is a fortunate blend of economic efficiency and environmental responsibility.

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