And these quirks undermine the market forces that make typical auctions effective and economically efficient.
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Those trillions of dollars could have been better spent on economically efficient projects on American soil.
The allure of many environmentally beneficial technologies is that they also hold the eventual promise of being economically efficient.
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The problem is that we cannot rely on a competitive market regime for economically efficient private provision of public goods.
As more of these special preferences have been added to the tax code, more decision-making in our economy is tax-motivated rather than economically efficient.
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Many economists supplement their academic earnings by appearing in court as expert witnesses, and consultancies earn a fortune by advising governments on economically efficient law-making.
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Tolling is economically efficient: it prices an overused resource (crowded roads).
The most economically efficient method would be a carbon tax.
What Ramsey proved is that the most economically efficient way to set prices when producers have high fixed costs and low marginal costs is (roughly) to soak the rich.
Instead of tying a worker to a particular employer, this would tie a visa to a particular labor market, and allocate immigration to where it is most economically efficient.
Reduce tax rates and the working rich will work more while the idle rich will accelerate capital gains, shift their investments to more economically efficient private securities, and hide less income.
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Not only do innovators of the mind create products that make us more economically efficient, when governments become too aggressive in taxing their earnings, they possess a greater ability to move their human capital to more business-friendly locales.
That its continued growth will expand the range of goods within our reach in concert with a more efficient deployment of capital makes plain that its continued good fortune will be economically stimulative too.
In order to receive those funds, the companies have to be economically "viable" and the money has to be used to produce more fuel-efficient vehicles.
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