Economics of Efficiency (Classic Reprint)

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Excerpt from Economics of Efficiency The growing complexity of the American industrial system and the increasing keenness of competition have introduced a new era in business. Goods are produced and sold on small margins, and the extent of profits depends in a large measure upon efficiency. A new business science has grown up in our midst, and it may be called the science of efficiency. Efficiency is the watchword of future industrial progress, growth, and expansion. The nation which produces with the greatest efficiency will be the one which will lead the van of industrial nations. The business man who heeds the edicts of efficiency will be the one who will be able to produce at the least cost, and to command markets. The aim of efficiency is the elimination of waste. The new science of efficiency bases business activity upon knowledge. Knowledge takes the place of guesswork and ignorance. Efficiency demands a scientific study of the different phases of work to ascertain how it can best be done with the least expenditure of energy, time, and materials. It is giving business a critical aspect, by making a study of how things should be done and how they are done. The chief aim of this book is to open the eyes of business men to the underlying principles of efficiency, to emphasize the importance of these principles, and to explain their methods and workings in such a way that all business men will profit. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully, any imperfections that remain are intentionally left to preserve the state of such historical works.