The usual economic definition of efficiency would be maximizing utility experienced by market participants, not maximizing production.
Currency-denominated "product" measurements are a common proxy measure for utility, but that's a compromise to the inability to measure utility directly.
The usual economic definition of efficiency would be maximizing utility experienced by market participants, not maximizing production.
Currency-denominated "product" measurements are a common proxy measure for utility, but that's a compromise to the inability to measure utility directly.