Alternatives and Supplements: Fun on the Internet

Efficiency What is Economic Efficiency? The late Paul Heyne writes about efficiency for The Concise Encyclopedia of Economics: http://www.econlib.org/library/Enc/Efficiency.html Economic Efficiency in a Nutshell tutor2u.net organizes its explanation of efficiency differently than the way CyberEconomics explains efficiency: http://www.tutor2u.net/economics/content/topics/competition/efficiency.htm Production Efficiency Exchange Efficiency (I have not yet found appropriate entries for these topics.) Product-Mix Efficiency tutor2u.net defines three types of efficiency that are equivalents to the three conditions of efficiency explained in CyberEconomics, but gives them slightly different names. For example, what CyberEconomics calls product-mix efficiency tutor2u.net calls allocative efficiency: http://www.tutor2u.net/economics/content/topics/introduction/production_possibility_frontiers.htm Some Qualifications One of the assumptions needed to make economic efficiency meaningful is the assumption that consumer sovereignty is a good thing. We must accept the values that people put on things as being legitimate. This entry at amosweb explains what consumer sovereignty is, but does not go much further: http://www.amosweb.com/cgi-bin/awb_nav.pl?s=wpd&c=dsp&k=consumer+sovereignty   These links were checked on July 5, 2008. Why is this page here? Copyright Robert Schenk