The 12 Principles of Sustainable Development

Sustainable development is a process to preserve and develop the planet’s ecosystems in a manner that balances the needs of present generations with those of future generations. This includes the preservation of biological diversity, ecological processes, life-support systems, social traditions and cultural heritage. For sustainable development to be achieved, it is necessary to have clear […]

What Causes Loss of Efficiency?

What Causes Loss of Efficiency?

Economic efficiency is a concept of optimal resource allocation. This can involve efficient consumption decisions by individuals or firms, or efficient distribution of consumer and producer goods. The concept is based on the concept of scarce resources. Unless these resources are efficiently allocated, the economy cannot function at maximum capacity. Economic efficiency is measured in […]