Israel Kirzner presents an Austrian School view of "efficiency" in his
Perception, Opportunity and Profit (Chicago: Univ. of Chi. Press, 1979), p. 120 as follows: "Inefficient action occurs when one places oneself in a position one views as less desirable than an equally available alternative state." It is a result of error in decision making.
Samuel Bostaph, Ph.D.
Professor Emeritus of Economics
University of Dallas
"Government, taught Hume, is always government of the many by the few. Power is therefore always ultimately on the side of the governed, and the governors have nothing to support them but opinion.The struggle for freedom is ultimately not resistance to autocrats or oligarchs but resistance to the despotism of public opinion.--Ludwig von Mises
Dear Colleagues:
Efficiency is a ambiguous concept in economics, I would have a speech in the Eastern Economic Association Annual
Meetings, in Boston.My speech would focus on efficiency in the view of economic thought.I would try to rational reconstruct the efficiency through emergent property.I wonder how efficiency has been used in the history of economics.Your assistance will be appreciated.
Sincerely
Yi Hu
-------------------------------------------------- View my research on my SSRN Author page: http://ssrn.com/author=1621246