Thread: Economic Efficiency
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Unread 27 May 2008, 13:18   #31
Nodrog
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Re: Economic Efficiency
Quote:
Originally Posted by G.K Zhukov
Less manpower-hours used in the production of a certain piece of goods, the more efficient the production is.
A society where most doctors and physicists do manual labour most of the day is far less efficient than one where its done by less educated people, even if the doctors and physicists can actually do it faster.

(efficiency isnt just about how one particular thing gets produced, its about the overall allocation of resources [any version of the labour theory of value which doesnt take into account that some people's labour is more valuable than others, is delusional])
Last edited by Nodrog; 27 May 2008 at 13:24.
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