Efficiency is still a pervasive idea in economic literature. This paper aims to discuss the relevance of this notion. It argues that efficiency is useless in neoclassical economics - where efficiency is a necessary consequence of the postulate of full rationality - and is meaningless in a complex system view - where the means-ends framework does not apply globally. Implications for environmental economics and for ecological economics are drawn. Finally, it is pointed out that, even without efficiency, collective action can still play a major role.
On the vacuity of the notion of efficiency in Economics
LUZZATI, TOMMASO
2000-01-01
Abstract
Efficiency is still a pervasive idea in economic literature. This paper aims to discuss the relevance of this notion. It argues that efficiency is useless in neoclassical economics - where efficiency is a necessary consequence of the postulate of full rationality - and is meaningless in a complex system view - where the means-ends framework does not apply globally. Implications for environmental economics and for ecological economics are drawn. Finally, it is pointed out that, even without efficiency, collective action can still play a major role.File in questo prodotto:
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