Economists are increasingly convinced that institutions, public policies, or culture may influence a nation's productivity more than technology acquisition. This impact is known as:
A) technical efficiency.
B) cultural norms.
C) welfare economics.
D) social efficiency.

Question

Quizplus · Accepted Answer

Social efficiency refers to the optimal distribution of resources in society, taking into account all externalities and benefits to society beyond individual or corporate gains. This concept encompasses how institutions, public policies, and culture can influence a nation's productivity, often more significantly than the mere acquisition of technology. It highlights the importance of societal factors in economic performance.

Economists Are Increasingly Convinced That Institutions, Public Policies, or Culture