The Efficiency of Inefficiency

“Efficiency” is one of those terms everyone believes they understand but find surprisingly difficult to define…Economic efficiency is the point at which the value of the marginal product equals its price or, more generally, where the benefits from using an additional unit of resource equals the cost needed to acquire it…What of the efficiency of the two other legs of the triple bottom line, environmental and social? If we cannot define these in terms of efficiency, does it reduce our ability to implement a TBL approach?

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