When economists say that policy A is more efficient than policy B, they mean policy A is better than policy B.

Question

Quizplus · Accepted Answer

Economists use the term "efficient" to mean that policy A achieves a goal using fewer resources or achieving a greater output with the same resources, not necessarily that it is better in all respects. "Better" is subjective and can depend on various factors including equity, preferences, and values that efficiency does not capture.

When Economists Say That Policy a Is More Efficient Than