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What Is the Relevance of Productive and Allocative Efficiency to the Growth

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What is the relevance of productive and allocative efficiency to the growth process?


Definitions:

More Distant

Describes a relationship, observation, or connection that is less direct, less personal, or further removed in space or time.

Readily Available

Something that is easily obtainable or accessible without significant effort or obstruction.

Value Rationality

A decision-making process focused on achieving a specific goal in a consistent, logical manner, irrespective of the personal utility gained.

Traditional Action

A term often associated with Max Weber, referring to actions motivated by established habits or customs rather than rational calculations or ethical considerations.

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