Economic Efficiency

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The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
Planning is underway in Japan for a total of 9GW of offshore windfarm generation capacity using a new generation of larger, more economically efficient, ultra-large-scale wind turbines of 9 to 12 MW in size.
The tender envisages the rehabilitation, reconstruction or replacement of the water and sewerage network and equipment in order to reduce drinking water losses and ensure the ecologically and economically efficient operation of the network, the municipality said in a tender notice on Monday.
The Commission further noted that the ARR "must reasonably compensate the regulated entity for the economically efficient costs and risks it incurs in providing regulated distribution services."
West Pakistan was economically efficient when it was one province, at least on a relative basis.
Guillot stated that there is a large quantity of waste that hasn`t been returned to the same product category, and Geocycle recycles the waste which can't be processed through the traditional solutions as they are not environmentally or economically efficient.
The research, the results of which are published in the Journal of Cleaner Production, is being hailed as an economically efficient way to get rid of trash, which is also referred to as Municipal Solid Waste (MSW), reports Sputnik.
The government will continue to support the system of social services and provide targeted support according to the requirements of needy groups, so that they can produce, be economically efficient and get decent livelihoods.
Due to the Funds' inability to attract sufficient investment assets, Rafferty believes they cannot continue to operate the Funds in an economically efficient manner.
Oil once underpinned business at the port - more than 14 million tonnes of crude passed through annually - before a more economically efficient network of pipelines grew up, reducing the figure tenfold and triggering layoffs.
Installing sensors at tube wells and disposal stations will make them intelligent, effective and economically efficient by reducing electricity charges by almost 20% per annum, he revealed.
The company's agronomic performance traits are aimed at making agricultural production more economically efficient and environmentally sound.

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