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Economic efficiency is both easy to define and identify in a clear, unambiguous way and easy to use to generate simple, formal, tractable models.

Its just that the term economic efficiency in the former and the latter mean different things. The problem is that once you go to the trouble of actually specifying your economic terms in ways that can be clearly and unambiguously identified, you can no longer hide from the fact that any simple, formal, tractable model of economic development is intrinsically and radically incomplete.

I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Tue Jan 13th, 2009 at 10:15:39 PM EST
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