Dynamic efficiency is a concept in economics that refers to an economy or firm's ability to adapt and improve its productivity over time in response to changing markets, technologies, and customer preferences. It's closely related to the idea of innovation, as it involves continuous improvement, investment in new technologies, and a focus on long-term growth.
#economics #innovation #edexceleconomics #aqaeconomics #ocreconomics #ibeconomics #microeconomics #tutor2ueconomics #schumpeter