economic inefficiency
Definition
Situation in which, with the given state of technology, it is possible to generate a larger share of welfare-total from the available resources. In other words, the situation where some people can be made better-off by reallocating the resources or goods without making others worse-off. Also called allocative inefficiency, it indicates that a "just the right balance between pain and gain” has not been achieved. See also economic efficiency.
economic inefficiency is in the Economics, Politics, & Society subject.
economic inefficiency appears in the definitions of the following terms: allocative inefficiency and economic efficiency
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