Page 521 - Ebook HTKH 2024

Currently, there are many ways to understand efficiency; depending on the
research purpose; research perspective, the authors give definitions and focus mainly on

certain aspects of efficiency. Paul A. Samuelson, William D. Nordhaus (1997), from the
perspective of financial theory (Efficient Market Theory), efficiency is understood in
another sense, efficiency means that information is quickly captured by all market
participants, and information is immediately reflected in market prices. David Begg,
Stanley Fischer, Rudiger Dornbusch (2007) - “Given a set of consumer preferences for
resources and technology, a resource allocation is Pareto efficient if there is no other
feasible allocation that makes some people better off and no one worse off”. That is the
efficiency of resource allocation Vilfredo Pareto, no one can benefit without making

others worse off. According to Guy Callender (2008), efficiency is understood as “The
least amount of resources needed to produce the highest quality output, whether a
product, service or business process - the lower the cost, the higher the potential profit
and the greater the investment capacity”. Do Hoang Toan (2009) - Absolute efficiency
is the difference between the total results obtained minus the total costs incurred;
Relative efficiency (comparison) is the ratio between the results obtained and the costs

incurred to obtain those results. From the perspective of business management, the group
of authors proposes the concept of business efficiency or economic efficiency as
follows: “Efficiency is a comprehensive economic indicator reflecting the level of use
of enterprise resources (capital - K, labor
- L, technology - T, resources - R), to achieve predetermined goals, on the basis of
ensuring strict compliance with the process, technical regulations of production
technology of products and services. In terms of quantity, efficiency is measured by the

ratio between the level of increase in results obtained (output) and the level of increase
in resources (input). The economic meaning of efficiency is that if one unit of input
factor value (K, L, T, R) increases, how many units of output factor value (output,
revenue, profit) will be increased? From the perspective of the socio-economic
background, efficiency is understood in the sense of socio-economic efficiency, that is,
efficiency related to economic growth, unemployment, employment, quality of life,

health care, education, poverty reduction, etc.
Currently, in the context of industrialization, modernization, and international
economic integration in the trend of green economic growth, according to the group of
authors, business efficiency is still understood according to the above concept, but the
factor of resource use (R) is noted and emphasized: these are efforts to minimize the
negative impacts of climate change, of increased CO2 emissions causing greenhouse
effects and ecological imbalance, while saving resources - fossil fuels, land and water.
Green economic growth is a term that many researchers and international

organizations such as the United Nations Environment Program (UNEP), the
Organization for Economic Cooperation and Development (OECD) have introduced.
The concepts all focus on economic growth while ensuring that negative impacts on the
environment and ecosystems are minimized; natural resources are saved; and

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