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...to be the welfare of the individual, and they introduced the concept of [[economic efficiency]] as a measure of that success. Vilfredo Pareto took the lead in defining e ...e to be known as the ''[[Coase Theorem]]'' which was the proposition that economic efficiency will be achieved provided that property rights are fully allocated and can

...cy area theory|Currency area theory]] is concerned with extent to which [[economic efficiency|efficiency]] gains from currency area membership are offset by losses due t

...rely an [[exogenous]] factor that is necessary to a reasonable standard of economic efficiency in much the same way as a functioning monetary system; and little attention

...rely an [[exogenous]] factor that is necessary to a reasonable standard of economic efficiency in much the same way as a functioning monetary system; and little attention

...d in 1991 as an economic and monetary union that was intended to increase economic efficiency while preserving financial stability. Financial vulnerability to [[asymm

...scale businesses owned by professional managers became the source of great economic efficiency in both the manufacturing and utilities industry. This increase in corporat