Answer to Question #53545 in Microeconomics for Gautam Guha
The debates over the so-called ‘efficiency – equity tradeoff’ highlight the fact that the dilemma has no easy resolution. It challenges us to be much more explicit and clear about what we mean by ‘efficiency’ and ‘equity’. When we talk about ‘efficiency’ in healthcare, for example, it is not always clear whether we are referring to achieving a specified health gain with the minimum number of inputs (i.e. ‘technical efficiency’), achieving a specified health gain at the least cost (i.e. ‘economic efficiency’), or maximising health gain from a specified level of resources (i.e. ‘allocative efficiency’).
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