Positive Economics: Basic Concepts
EFFICIENCY IS ALWAYS ACHIEVED
It is impossible to imagine inefficiency even in a one-man (or Robinson Crusoe) economy. Individual will maximize the value of the goods and services he produces for himself, subject to the constraints. If he errs in a decision, miscalculates the weather, or forgets what he has planned, he fails only because he is constrained by the lack of foresight, information, or know-how, which are scarce resources in themselves. In other words, individual is always efficient, if we adequately assess the constraints.