What is Efficiency?
I N D U S T R I A L EFFICIENCY A N D N A T I O N A L A D V A N T A G E S
i . W H A T IS E F F I C I E N C Y ?
INTERNATIONAL comparisons of industrial efficiency have begun to attract a great deal of attention. Discussion of it, however, is still frequently clouded by misconceptions or by vagueness as to what is meant, or how " efficiency " should properly be measured, and it is therefore desirable to begin by considering these points.