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The concept of efficiency, as commonly
used, is flawed. The neo-classical prescriptions
for promoting efficiency are based on
the assumption that the economy spontaneously
achieves full employment of all resources.
More often than not the private and the
public sectors produce dissimilar goods.
Besides the need for improving the 'efficiency'
of production, which says nothing at all
about income distribution, lacks any theoretical
rationale.
January 23, 2003.
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