Search results
Results from the WOW.Com Content Network
Microeconomic reform is the implementation of policies that aim to reduce economic distortions via deregulation, and move toward economic efficiency. However, there is no clear theoretical basis for the belief that removing a market distortion will always increase economic efficiency.
In microeconomic theory, productive efficiency (or production efficiency) is a situation in which the economy or an economic system (e.g., bank, hospital, industry, country) operating within the constraints of current industrial technology cannot increase production of one good without sacrificing production of another good. [1]
Productivity-improving technologies date back to antiquity, with rather slow progress until the late Middle Ages. Important examples of early to medieval European technology include the water wheel, the horse collar, the spinning wheel, the three-field system (after 1500 the four-field system—see crop rotation) and the blast furnace.
However, this does not imply that improved fuel efficiency is worthless if the Jevons paradox occurs; higher fuel efficiency enables greater production and a higher material quality of life. [19] For example, a more efficient steam engine allowed the cheaper transport of goods and people that contributed to the Industrial Revolution .
The Alchian–Allen effect was described in 1964 by Armen Alchian and William R Allen in the book University Economics (now called Exchange and Production [1]).It states that when the prices of two substitute goods, such as high and low grades of the same product, are both increased by a fixed per-unit amount such as a transportation cost or a lump-sum tax, consumption will shift toward the ...
TFP is calculated by dividing output by the weighted geometric average of labour and capital input, with the standard weighting of 0.7 for labour and 0.3 for capital. [3] Total factor productivity is a measure of productive efficiency in that it measures how much output can be produced from a certain amount of inputs.
Atom economy. Atom economy (atom efficiency/percentage) is the conversion efficiency of a chemical process in terms of all atoms involved and the desired products produced. The simplest definition was introduced by Barry Trost in 1991 and is equal to the ratio between the mass of desired product to the total mass of reactants, expressed as a percentage.
The phrase "single minute" does not mean that all changeovers and startups should only take one minute, rather, it should take less than 10 minutes ("single-digit minute"). [1] A closely associated yet more difficult concept is one-touch exchange of die ( OTED ), which says changeovers can and should take less than 100 seconds.