The end of efficiency

Economists have been strangely blind to the need to trade off efficiency for sustainability.

Economics is the study of economising, or using the least amount of time and effort to produce the greatest amount of satisfaction. The more we can economise on the use of scarce resources, the more 'efficient' we are said to be in getting what we want. Efficiency is a prized goal because it literally cheapens the cost of living. Cheapness in obtaining the goods and services we want is thus the key to a better life.