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In dynamic efficiency, [2] it is impossible to make one generation better off without making any other generation worse off. It is closely related to the notion of "golden rule of saving". In relation to markets, in industrial economics, a common argument is that business concentrations or monopolies may be able to promote dynamic efficiency. [3]
The mainstream view is that market economies are generally believed to be closer to efficient than other known alternatives [4] and that government involvement is necessary at the macroeconomic level (via fiscal policy and monetary policy) to counteract the economic cycle – following Keynesian economics. At the microeconomic level there is ...
Market efficiency cannot be evaluated in a vacuum, but is highly context-dependent and dynamic. Shortly stated, the degree of market efficiency is related to environmental factors characterizing market ecology , such as the number of competitors in the market, the magnitude of profit opportunities available, and the adaptability of the market ...
Second, increased energy efficiency increases real incomes and leads to increased economic growth, which pulls up energy use for the whole economy. At the microeconomic level (looking at an individual market), even with the rebound effect, improvements in energy efficiency usually result in reduced energy consumption. [17]
Learning and growth economies are at the base of dynamic economies of scale, associated with the process of growth of the scale dimension and not to the dimension of scale per se. Learning by doing implies improvements in the ability to perform and promotes the introduction of incremental innovations with a progressive lowering of average costs ...
Achieving static efficiency may not be consistent with achieving dynamic efficiency. Monopoly power can, for example, undermine static efficiency; but the resulting accumulation of wealth can promote improved dynamic efficiency if it is used to finance increased investment, thereby promote accelerated rates of growth.
The efficiency ratio was 33.3% for the fourth quarter, an improvement of approximately 270 basis points versus last year, reflecting the combination of Synchrony's cost discipline and revenue growth.
in 1966, Harvard University Professor Harvey Leibenstein first introduced the concept of X-inefficiency in his paper "Allocative Efficiency vs. X- Efficiency", which was published in American Economic Review. X-Inefficiency refers to a firm's inability to fully utilize its resources, resulting in an output level that falls short of the maximum ...