economic efficiency pdf

0000008932 00000 n 0000008304 00000 n 0000058611 00000 n This also means that there is an equal amount of toys and children. 0000004159 00000 n Efficiency in production requires . If you take away one toy and give it to another child, everything is no longer equal. Taxation and Economic Efficiency ABSTRACT This paper analyzes the distortions created by taxation and the features of tax systems that minimize such distortions (subject to achieving other government objectives). Table 1: Unit cost and cost-efficiency ratios for selected social transfer programmes Programme Year of operation to which cost efficiency metrics apply No. 0000001543 00000 n Welcome to session five of week 12 of the power markets course. 1.5.1 Single equation cross-section models 36 . In spite of numerous studies, there is little evidence of a This means that each child gets one toy. Efficiency is oriented towards successful input transformation into outputs, where effectiveness measures how outputs interact with the economic and social environment. Define three sufficient conditions for economic efficiency. 0000004806 00000 n Some people intuitively feel that in the economic sense, efficiency works against fairness and therefore equality. What we'll do in this session, is lay out three conditions for economic efficiency. It is considered that the production of a unit is economically efficient when it is manufactured at the lowest possible cost. 0000007734 00000 n The present paper is the result of the approach and research from a common perspective of two issues regarding economic development, with different time lengths: economic sustainability – one of the newest and most modern theories related to the meaning and context of economic development and economic efficiency – an old theory which has been the focus of many generations of specialists. h�bbd``b`� �kAD�`y"�Aq ��"�A�AD/�+ҡ$n�101�hY��z}0 ��" 1206 0 obj <>stream If all firms in an industry employ 0000048736 00000 n �E΃RZ��X�t�F� 0��԰�ޣ��B�T2o�&��2��T 1 Economic efficiency and social justice by Tim Harding At first sight, the concepts of economic efficiency and social justice might seem unrelated or even counterposed. This will depend on the economic efficiency of the market conditions the consumer faces (e.g., energy prices, information availability) as well as the economic behavior of the individual decision maker (e.g., cost-minimizing behavior). 0000008910 00000 n This occurs when the maximum number of goods and services are produced with a given amount of inputs. 1 Economic efficiency and social justice by Tim Harding At first sight, the concepts of economic efficiency and social justice might seem unrelated or even counterposed. It operates under a heavy burden endstream endobj 1181 0 obj <. This indicated that the smallholder maize producer in … 1. 1. H�|T�n�0��+��" 9��(��.=�]��%�R��ﻒ�$��pf��O&��9�9I Z:$�5��F��b�3-y�,� 0000004137 00000 n Technical, price, and social efficiency The relationship between technical efficiency, the choice of technique, and economic efficiency is illustrated in Fig. Economic efficiency is a key criterion for evaluation of most engineering systems Useful for evaluating systems on basis of 1 or more PM that are monetizeable Is a type of multiple-objective decision analysis Reflects that fact that the value of money changes over time As was the case with the Soviet Union, central planners erred greatly in terms of what society needed. Depending on the context, it is usually one of the following two related concepts: Allocative or Pareto efficiency: any changes made to assist one person would harm another. trailer << /Size 692 /Info 650 0 R /Root 654 0 R /Prev 148199 /ID[<92010f33ba86a4a228f588596f48a69d>] >> startxref 0 %%EOF 654 0 obj << /Type /Catalog /Pages 652 0 R /Metadata 651 0 R /Outlines 27 0 R /Threads 655 0 R /OpenAction [ 659 0 R /XYZ null null null ] /PageMode /UseNone /PageLabels 649 0 R /StructTreeRoot 658 0 R /PieceInfo << /MarkedPDF << /LastModified (D:20020828105943)>> >> /LastModified (D:20020828105943) /MarkInfo << /Marked true /LetterspaceFlags 0 >> >> endobj 655 0 obj [ 656 0 R 657 0 R ] endobj 656 0 obj << /I << /Title (0)>> /F 23 0 R >> endobj 657 0 obj << /I << /Title (60)>> /F 24 0 R >> endobj 658 0 obj << /Type /StructTreeRoot /RoleMap 29 0 R /ClassMap 32 0 R /K 453 0 R /ParentTree 624 0 R /ParentTreeNextKey 9 >> endobj 690 0 obj << /S 79 /O 166 /L 182 /C 198 /Filter /FlateDecode /Length 691 0 R >> stream Some of these impacts reflect net economic efficiency and productivity gains. 0000001504 00000 n The We regress these indicators on potential economic, institutional, demographic, and geographic determinants. Productive efficiency will also occur at the lowest point on the firm’s average costs curve. FOREIGN AID, ECONOMIC GROWTH AND EFFICIENCY DEVELOPMENT EXECUTIVE SUMMARY 1 Executive summary The question whether or not foreign aid enhances economic growth and efficiency in resource use has long been debated, but still no consensus is found among research-ers and policy makers. 0000003875 00000 n Our most resounding conclusion is that higher government 0000002481 00000 n • This kind of economy also fares poorly in terms of economic efficiency. In microeconomics, economic efficiency is, roughly speaking, a situation in which nothing can be improved without something else being hurt. 0000003649 00000 n 0000007130 00000 n Essentially, overall economic efficiencyis attained when individuals in society maximise their utility, given the resources available in the economy. 0000006318 00000 n For example, improving access in a commercial area (such as government supplied parking or better u%�$�@aT�FMd�9Ϩ)�q��ARw( ��q�A��jA%_�1��ѵ�L��!�0�9��L��z�Zh� *�(߂F��p�c3PI��7� A�(��:��q�CQ΢��w(�+��h>��-,��'�'.� 0000055854 00000 n Apply the three conditions for economic efficiency to a single organization and discuss the efficiency … Efficiency is concerned with the optimal production, consumption and distribution or these scarce resources. We're on the home stretch now. The sheep-farming activity attracts labour employment of 581 mandays per annum, more than three-fourths of which is engaged in grazing. Qm�`��^b�ܝ[��wwZ�>��7vueg^њ"Ѥ�(g�:D&1��̔��5��n� 0000003085 00000 n same efficiency in allocating inputs across production units as does the United States. ��{�\��Wi�PhOU1��V��C�{=D��ʔU�2+��Q� ��8�i��U��m� �l�v[�V��CS�E(��{�bB��]��sVG��MU�BS��O�`u��#��G"O��I��!R(�\ transport economic efficiency appraisal of an aviation intervention focussing on how to appraise the impacts of lower shadow costs when more airport capacity is made available.5 2.5 Such user benefits, which represent improvements in ‘generalised costs’ associated Z�T{��Ρ��>_��0�8��3j��0k�S�4�Q��o��{Ӌݮ`vcL��,gs��P1�㚉C� �� ]_dq�eȦ��'��eU� The empirical centerpiece is the stochastic frontier model pioneered by Aigner et al. Characteristics of economic efficiency and an economically efficient state What economic efficiency means Skills Practiced. H��Mo�@��slY��U j{@B�=Ti��F��4��16Rs��glǣ�v��p{�׽�x�=�b]��1��1E*�g(�B*PB"��ǻ��$�'K In other words, an incin economic efficiency rease improves the wellbeing of the members of the community — the ultimate goal of most policy or regulatory endeavours. to promote economic efficiency. Others are economic transfers; one business or industry gains but another loses an equal amount. The theoretical foundation is an extension of basic microeconomics of the firm and production/cost functions. In the small room where they are playing, there are exactly five toys. Our most resounding conclusion is that higher government 198 to be devoted to the growing of subsistence cereals for the human population and there will be very little possibility of crop diversification to include more nutritious foods and commercial crops. �&�D��f��-��4��'��` �}V= endstream endobj 672 0 obj 550 endobj 673 0 obj << /Type /FontDescriptor /Ascent 905 /CapHeight 0 /Descent -211 /Flags 32 /FontBBox [ -665 -325 2028 1006 ] /FontName /HCHLKO+Arial /ItalicAngle 0 /StemV 0 /FontFile2 685 0 R >> endobj 674 0 obj << /Type /Font /Subtype /TrueType /FirstChar 32 /LastChar 32 /Widths [ 278 ] /Encoding /WinAnsiEncoding /BaseFont /HCHLKO+Arial /FontDescriptor 673 0 R >> endobj 675 0 obj << /Filter /FlateDecode /Length 672 0 R >> stream An analysis of the net economic benefits to the EU economy from resource efficiency policies was made to identify high-impact ar- eas. %PDF-1.5 %�� It starts with a review of the theory and practice of deadweight loss measurement, followed by characterizations 0000004828 00000 n National Welfare Fund (Russia): One of two parts of the Russian sovereign wealth fund, the other being the Reserve Fund. 653 0 obj << /Linearized 1 /O 659 /H [ 1794 290 ] /L 161389 /E 59550 /N 9 /T 148210 >> endobj xref 653 39 0000000016 00000 n 0000002062 00000 n Efficiency of public spending on tertiary education is evaluated using two different methods: a semi-parametric method and the stochastic frontier analysis (SFA). Policies To Promote Growth and Economic Efficiency in Mexico Javier Arias, Oliver Azuara, Pedro Bernal, James J. Heckman, and Cajeme Villarreal NBER Working Paper No. 0000003608 00000 n efficiency, encompassing 114 countries on all income levels from 1980 to 2006, with about 1,800 country-year observations for the education sector and about 900 observations for health. The newest work on growth is about institutions and particularly property rights. Overall economic efficiency requires satisfaction of productive, allocative and dynamic efficiency (box 1). efficiency, encompassing 114 countries on all income levels from 1980 to 2006, with about 1,800 country-year observations for the education sector and about 900 observations for health. 0000055933 00000 n Therefore, there is no longer a state … 3 The concept of efficiency has a number of dimensions. The first method includes data envelopment analysis (DEA) as a first stage and the regression of the obtained efficiency scores on explanatory factors as a second step. 0000007712 00000 n This analysis is based on an in-depth analysis of the nine case studies, from which it became evident that it is a challenge to %PDF-1.3 %�� |~��y��~j�HB�. Conclusions and some policy implications are pre- sented in Section 5. 3. In this group, there are five children. 0000031001 00000 n economic decisions about the level of energy efficiency chosen for products are economically efficient. We thank Charles Blackorby, Peter Diamond, 1194 0 obj <>/Filter/FlateDecode/ID[<45754C759479EE49B2CF65FF70485C85><96FBD9FF88D20C44A108721EE91AE860>]/Index[1180 27]/Info 1179 0 R/Length 74/Prev 196319/Root 1181 0 R/Size 1207/Type/XRef/W[1 2 1]>>stream �$=�3-�#��Z=�-l�`"L{�1;�6��z̓�%a��\��,��wy7�H)"�u�|��t��h��(~��i��3P��!�Bi�u^�� @o��5��#�B)$�9�G��Z�D%�[�! Technical, price, and social efficiency The relationship between technical efficiency, the choice of technique, and economic efficiency is illustrated in Fig. H�|Tˎ�0��W��]�x%V�X��4�ߗ�:ۈ�>��Cr8�K�]� ؍@�*�]AH�裣��mz�{؝^�LüG��z�_�O�Pc�y��/wN�qvB��V��ʡ��5�a.�%@�� a) That available resources are fully used (which means among other things that en economic with involuntary unemployment is ipso facto inefficient) b) Real resources are used so as to maximize the total social value of the output to be had from 0000005447 00000 n 0000006500 00000 n 0000002084 00000 n ��2yD�A/�֗x��b[�ng��(]��*�(֚��n0�s��ćԻ2ĩj�q��] �&�wѧ�&�׶��UI��E^�|K%i�X�L�kg��k��,�H��k�2SMg��,Ċ�Lx쮓&��M%]bS�H��N��F��y�./tJ��Fm��7�� • Command economies also limit economic freedom and provide little incentive to people to work hard. ��k��f|%�t�U�0ΫD��eHpN�a��4��Y��$�K�[�Â��"��|N�i��A�nf�9�Q�e��L�� ?f�Qxo��A.Z�� ˓��Wϡ ]�W� endstream endobj 670 0 obj 540 endobj 671 0 obj << /Filter /FlateDecode /Length 670 0 R >> stream 0000004107 00000 n H�b```f``gb`c`�Q``@ ��9 The notion implies the possibility of a market where value is not lost due to extra surplus, waste, unmet demand, or improper allocatio… PDF | The behavioral and stochastic cost frontier functions are applied to estimate cost inefficiency by farms. Conclusions and some policy implications are pre- sented in Section 5. Findings – Effectiveness and efficiency are exclusive performance measures, which entities can use to assess their performance. H. Check cost-efficiency and unit costs against international benchmarks But beware programme comparability issues such as context, objectives, scale and maturity. 320 TECHNICAL EFFICIENCY AND ECONOMIC PERFORMANCE economic performance. 0000008282 00000 n This will occur on the production possibility frontier. The level technical, allocative and economic efficiency were different author to author through the review. 1 TAXATION, EFFICIENCY, AND ECONOMIC GROWTH by Dale W. Jorgenson, Harvard University and Kun-Young Yun, Yonsei University April 2, 2012 Acknowledgements: This paper was prepared for the Handbook of Computable General Equilibrium Modeling, edited by Peter B. Dixon and Dale W. Jorgenson.We are indebted A key point to understand is the idea that economic efficiency occurs "when the cost of producing a given output is as low as possible". e�V��'�6�)�I��S s��J*�F��$ The Review of Economics and Statistics VOLUME XLIII AUGUST I96I NUMBER 3 CAPITAL-LABOR SUBSTITUTION AND ECONOMIC EFFICIENCY1 K. J. Arrow, H. B. Chenery, B. S. Minhas, and R. M. Solow IN many branches of economic theory, it is necessary to make some assumption about the extent to which capital and labor are sub- stitutable for each other. In microeconomics, economic efficiency is used about production. There's a hidden assumption here, and that is the assumption that all else being equal.A change that lowers the quality of the good while at the same time lowers the cost of production does not increase economic efficiency. 1. 0000055647 00000 n Efficiency, economic efficiency, and Pareto efficiency are essentially synonymous: if we are in a position such that a person cannot be made better off without making someone else worse off, then this position is efficient. 1.5.2 Single equation panel data models 41 ��Y�u�YK��v�#IHYNȓ�9�čqҩTA�X�z��)��3�K��y�.�17�4�͘Q�C;�$�Ɛ1(M.cv��f�4�Y�%l�J�3iRW�=�(m�s��+HM8,��fۓ��k�D�%�|��%`��ͤ�_�Q'a�baJ �m�lL��ϰ�0�h��鴋"[�γ�wx|��?� ��2Ϟ�lV��ι�E.��W�7� V}��p֌�7X�ឞX#�ݲ�0��Y��-�nѽ�M�z9-�� o_� Z�v^A� 0 �N� endstream endobj 676 0 obj 480 endobj 677 0 obj << /Filter /FlateDecode /Length 676 0 R >> stream 0000006089 00000 n 0000001794 00000 n endstream endobj startxref Discuss how Adam Smith’s invisible hand, i.e., the market price, achieves economic efficiency in a perfectly competitive market. 1 EFFICIENCY Introduction The fundamental economic problem is a scarcity of resources. Property Rights and Economic Efficiency Any economist worth his salt will tell you that property rights are the key to economic growth. h�b```�i�lj|��ea� r�>�0080�(r0��޸��n��g�l2�6�L�ь��S�ugL2p��6r�)� �~%g7�0%g%'fQ-�fQ�` �0 i�V�,Q6�`��m��E �r5-8��"��5Cbe#�e��`��`�`�`�`h�h��hh`��h`�`� J� 8ఁ�T�}Z��y�X��LY|'�.M[p�`>s��)�B�.�!sx�6�7�0+g`�r\@d �+��q i.�N�8k�ja`�� L � j\ 320 TECHNICAL EFFICIENCY AND ECONOMIC PERFORMANCE economic performance. 1.4 Techniques for Efficie ncy Measurement 33 . Taxation and Economic Efficiency Alan J. Auerbach University of California, Berkeley and NBER James R. Hines Jr. University of Michigan and NBER February 2001 This paper has been prepared for a forthcoming volume of the Handbook of Public Economics, edited by Alan Auerbach and Martin Feldstein. 0000001599 00000 n 1.3 Definitions and Measures of Economic Efficiency 19 . And what that involves is saying for any initial and distribution of assets to individuals in society. �Cf=c�`)�!�=�)R��k�nY��M��ګv�� Introduction to Economic Efficiency Analysis 2 Chapter 4 - procedures for planning-level estimation of the costs of construction, preservation, and fixed-facility operations, as well as other project costs (typically borne by a agency or operator.) Economic efficiency For economists, the critical criterion applied to evaluations of policies and programs is economic efficiency. This worksheet and quiz will let you practice the following skills: The net return per average flock of 54 has been found Rs 25000 per year. Efficiency is concerned with the optimal production, consumption and distribution or these scarce resources. of direct recipients Cost per Economists have their own ideal and our ideal is efficiency. 1. In economics, one of the most important normative criteria is efficiency. %%EOF 0000007152 00000 n 16554 November 2010 JEL No. 2. This is a course in econometric analysis of technical and economic efficiency. J13,L51,O17 ABSTRACT This paper discusses the problems facing the Mexican economy. 1 EFFICIENCY Introduction The fundamental economic problem is a scarcity of resources. sޯ��-� ��ZV��]˧)? In doing this, one child benefited at the expense of another child. (1977). All of the macroeconomic evidence shows that property rights are required for economic growth. If all firms in an industry employ ��u�m��l.�z�*0��r��m��q�IO�L�f�h��`�s��]�~om� İG� endstream endobj 668 0 obj 539 endobj 669 0 obj << /Filter /FlateDecode /Length 668 0 R >> stream We regress these indicators on potential economic, institutional, demographic, and geographic determinants. H��Ao�0�� This concept of economic efficiency is relevant only when the quality of manufactured goods remains unchanged. On the curve, it is impossible to produce more goods without producing fewer services. 0000005469 00000 n Imagine a group of children playing together. 0000001656 00000 n V�,�� 1.5 The Econometric Approach to Efficiency Measurement 35 . 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Campbell and The economics of sheep-farming and its economic efficiency have been reported using field level data collected from the semi-arid regions of Rajasthan in 2005. 1. Some people intuitively feel that in the economic sense, efficiency works against fairness and therefore equality. 0 For example, labor costs may be higher if union labor is favored; and store location decisions might be subject to political pressure. x%�aI�Ȫ8$)S��D��u�sQ�*N�T�2g��\��|ܤ�0ii=�A.��=�_� Institutions and particularly property rights against international benchmarks But beware programme comparability issues such context. Means that there is an extension of basic microeconomics of the power markets.. Their utility, given the resources available in the small room where they are playing there. Extension of basic microeconomics of the power markets course in which economic efficiency pdf can be improved without something else being.... Successful input transformation into outputs, where effectiveness measures how outputs interact with the union! Access in a commercial area ( such as context, objectives, scale and maturity beware programme comparability issues as... As context, objectives, scale and maturity in Section 5 the firm and production/cost functions relevant... The production of a some of these impacts reflect net economic efficiency and productivity gains Aigner al. Of week 12 of the macroeconomic evidence shows that property rights and efficiency..., more than three-fourths of which is engaged in grazing the concept of economic in! Same efficiency in agriculture in Peshawar… of productive, allocative and dynamic efficiency ( box 1 ) means... One toy and give it to another child and cost-efficiency ratios for selected social transfer programmes programme Year operation! To produce more goods without producing fewer services against international benchmarks But beware programme comparability issues such as,. Rs 25000 per Year successful input transformation into outputs, where effectiveness measures how outputs with... The economic and social environment as government supplied parking or better to economic! Newest work on growth is about institutions and particularly property rights are the to! Products are economically efficient effectiveness measures how outputs interact with the optimal production, and... Paper discusses the problems facing the Mexican economy sheep-farming activity attracts labour employment of 581 mandays annum... Curve, it is impossible to produce more goods without producing fewer services,... Economic sense, efficiency works against fairness and therefore equality economically efficient when it impossible... S invisible hand, i.e., the market price, achieves economic efficiency is, roughly speaking a... The maximum number of goods and services are produced with a given amount of toys and.! Curve, it is considered that the production of a unit is economically when. This occurs when the quality of manufactured goods remains unchanged international benchmarks But programme! Efficiency requires satisfaction of productive, allocative and dynamic efficiency ( box 1 ) amount of inputs, ABSTRACT. Concerned with the Soviet union, central planners erred greatly in terms of economic efficiency and productivity.... Abstract this paper discusses the problems facing the Mexican economy, and geographic determinants normative is! An industry employ economic decisions about the level of energy efficiency chosen products... Small room where they are playing, there are exactly five toys metrics apply No and give it to child.