Economic efficiency is a general term for the value assigned to a situation by some measure designed to capture the amount of waste or "friction" or other undesirable economic features present. The term microeconomic reform refers to any policy designed to increase economic efficiency.

There are several measures of economic efficiency,

including:

• Pareto efficiency
• Kaldor-Hicks efficiency
• X-efficiency
• Allocative efficiency
• Distributive efficiency

For applications of these principles see: Pareto efficiency, or Pareto optimality, is a central theory in economics with broad applications in game theory, engineering and the social sciences. ... Kaldor-Hicks efficiency is a type of economic efficiency that occurs only if the economic value of social resources is maximized. ... In economics, x-efficiency is the effectiveness with which a given set of inputs are used to produce outputs. ... Allocative efficiency is the market condition whereby resources are allocated in a way that maximises the net benefit attained through their use. ... In welfare economics, distributive efficiency occurs when goods and services are received by those who have the greatest need for them. ...

• Efficient market hypothesis
• Welfare economics
• Production theory basics

In finance, the efficient market hypothesis (EMH) asserts that financial markets are efficient, or that prices on traded assets, e. ... Welfare economics is a branch of economics that uses microeconomic techniques to simultaneously determine the allocational efficiency of a macroeconomy and the income distribution consequences associated with it. ... In microeconomics, Production is simply the conversion of inputs into outputs. ...

Documentary films

• OPTIMUM – The Crusade For Efficiency, A Film by Henry Colomer, 2000, 55 minutes, This documentary focuses on three crusaders for efficiency, namely Jeremy Bentham, Charles Babbage and Francis Galton.

Documentary film is a broad category of cinematic expression united by the intent to remain factual or non-fictional. ... Jeremy Bentham (IPA: ) (February 15, 1748 – June 6, 1832) was an English gentleman, jurist, philosopher, and legal and social reformer. ... Charles Babbage Charles Babbage (December 26, 1791 – October 18, 1871) was an English mathematician, analytical philosopher, mechanical engineer and (proto-) computer scientist who originated the idea of a programmable computer. ... Francis Galton Sir Francis Galton F.R.S. (February 16, 1822 – January 17, 1911) was a Victorian polymath, British anthropologist, eugenicist, tropical explorer, geographer, inventor, meteorologist, proto-geneticist, psychometrician, and statistician. ...

See also

• Business efficiency
• Inefficiency