Under the Kaldor-Hicks model, it occurs when the value of social resources is increased such that the overall gains outweigh the losses.
Under the Kaldor-Hicks model, it occurs when the value of social resources is increased such that the overall gains outweigh the losses. Harvey Leibenstein created the "x" type, which measures a firm's ability to maximize its output from a given input. Another model states that it exists only when nobody can be placed in a better situation without making someone else worse off; that model is named for Vilfredo Pareto. For 10 points, give this term that describes how smoothly an economic system is functioning.
Under the Kaldor-Hicks model, it occurs when the value of social resources is increased such that the overall gains outweigh the losses.
{efficiency}