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A system can be called economically efficient if:
No one can be made better off without making someone else worse off.
More output cannot be obtained without increasing the amount of inputs.
Production ensures the lowest possible per unit cost.
These definitions of efficiency are not exactly equivalent. However, they are all encompassed by the idea that nothing more can be achieved given the resources available.
A common distinction is between positive economics (describing "what is") and normative economics (advocating "what ought to be") or mainstream economics (more "orthodox") and heterodox economics (more "radical")...
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