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From:
[log in to unmask] (Humberto Barreto)
Date:
Fri Mar 31 17:18:31 2006
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----------------- HES POSTING ----------------- 
When I think of the ways economics has drawn on engineering, I think first 
of the term "efficiency." 
 
Economists seem to use the word as synonymous with best or optimal, while 
engineers (at least my engineer brother) tend to think of efficiency as a 
measure of transformation from input to output that can always be improved. 
 For Econ, think of allocative efficiency in a choice model -- there's a 
single best solution and we judge other possibilities from this benchmark.  
For engineering, think of the yellow sticker, energy consumption ratings on 
major appliances that explicitly say "Energy Efficiency." 
 
I grant that some Econ use the term "technical efficiency" (as in a 
production function) to connote the engineering efficiency idea, but it 
seems to me the word has undergone a change as it was translated from 
engineering and physics to economics.   
 
While others have provided helpful citations, it might also be useful to 
think of content. Equilibrium, comparative statics, optimal control -- the 
list is long . . .  
 
Humberto Barreto 
 
 
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