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To what extent is the notion of efficiency relevant to Economics? Implications for Ecological Economics

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  • Tommaso LUZZATI

    ([n.a.])

Abstract

Efficiency is still a pervasive idea in economic literature. This paper aims to discuss the relevance of this notion. It argues that efficiency is useless in neoclassical economics - where efficiency is a necessary consequence of the postulate of full rationality - and is meaningless in a complex system view - where the means-ends framework does not apply globally. Implications for environmental economics and for ecological economics are drawn. Finally, it is pointed out that, even without efficiency, collective action can still play a major role.

Suggested Citation

  • Tommaso LUZZATI, 1998. "To what extent is the notion of efficiency relevant to Economics? Implications for Ecological Economics," Working Papers 105, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
    • Handle: RePEc:anc:wpaper:105
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