this post was submitted on 14 Sep 2023
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Listen here, kulak... (i.ibb.co)
submitted 1 year ago by Cleverdawny@lemm.ee to c/memes@lemmy.ml
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[โ€“] Pipoca@lemmy.world 2 points 1 year ago (1 children)

Efficiency in economics has a particular technical definition.

Pareto efficiency or Pareto optimality is a situation where no action or allocation is available that makes one individual better off without making another worse off

Free markets are great at producing outcomes that are efficient in a particular technical sense, but not especially equitable.

[โ€“] irmoz@reddthat.com 1 points 1 year ago

Yes, capitalism is insanely efficient at its real purpose - funneling wealth to the top.