History of Efficiency




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Marten van der Zee
Analyst, Netherlands

History of Efficiency

The principles of efficiency date back to 1776, when Adam Smith wrote his influential book 'An inquiry into the nature and causes of the wealth of nations'. In this book, Smith writes that productive labor is the source of welfare and that through division of labor, the labor productivity can be significantly increased. After this book, business was approached and dealt with in a more systematic way and the focus was put on efficiency.

   

More on X-Efficiency:
Summary
Discussion Topics
🔥How X-Efficiency Works and an Example
X-Efficiency versus Operational, Economic and Cost Efficiency
👀History of Efficiency
Efficiency or Effectiveness
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