The market may be inefficient, but it remains close to invincible.
WSJ: Intelligent Investor: Don't Bet the House on Efficient-Market Model
More subtly, it may also be inefficient in the sense that it benefits from subsidies that make it even more sprawly than it would otherwise have been.
The report said plans to widen treatment to drug users whose habit was not directly related to their offending was "likely to be inefficient and could be harmful".
But big income gaps can also be inefficient, because they can bar talented poor people from access to education or feed resentment that results in growth-destroying populist policies.
LEAs were also perceived to be inefficient, profligate and bureaucratic.
This is especially true for trusts investing in small companies, the area where the market is most likely to be inefficient and, therefore, where professional skills should be particularly worthwhile.
Because computer-driven machines cut most of the standardized parts and joints, "we're free to be inefficient in assembly and finishing work, where the craft is most obviously expressed, " says Moser, who spends most of his time designing at the workbench.
The biggest losers will be inefficient local producers, such as one in Samara, in southern Russia, where the decrepit town brewery, featuring fermentation tanks with flaking linings, nasty smells and beer brewed to purists' horror from sugar and rice, has fought off all outside interest.
Repeatedly searching and retrieving large data sets from thousands of computers would be extremely inefficient.
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Even if NIF's lasers achieve burn, they will be extraordinarily inefficient, producing only 1% of the energy needed to fire the lasers.
For example, while the short-term advantage of outsourcing manufacturing processes allows for a satisfactory quarterly balance sheet, this strategy lacks long-term vision and can be an inefficient means of overseas operation.
Wall Street houses argue that this would be hugely inefficient, and that, anyway, their analysts were bullish not in order to keep the bankers happy, but because they believed, albeit wrongly, in the dotcoms they were touting.
"The proliferation of organizations with overlapping oversight and assistance responsibilities is a source of potential confusion among agency personnel and may be an inefficient use of scarce technical resources, " said Jack Brock, director of governmentwide and defense information systems at the General Accounting Office, speaking before Congress in February.
The second is that tax breaks can be a very inefficient way to deliver government subsidies.
FORBES: Sen. Kent Conrad Builds a Case Against Tax Subsidies
The way Ray Kroc did it with hamburgers: by systematizing a business that used to be fragmented, inefficient and undercapitalized.
But there need not always be arbitrary, inefficient, and wasteful government regulation.
Dividends would be an extremely inefficient, tax wise, method of rewarding shareholders.
FORBES: This Might Not Be The Best Time To Be Investing For A Dividend Income
In a separate report last month, the GAO took the Pentagon to task for what appears to be a wildly inefficient procurement process.
It's no secret that mutual funds can be horribly tax inefficient.
But the fix has yet to be publicly demonstrated, and even if it does work, it could be costly, inefficient and still result in service blackouts.
Storing solar-made electricity in batteries can be expensive and inefficient.
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The big impact will be through cuts in inefficient use of energy, and possibly higher export revenues.
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The person putting in the most hours may be seen as an inefficient worker and less productive than their colleagues.
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Liu Yongxing reckons the casualties will be the small and inefficient feed producers that control about 80% of the domestic market.
Whereas in previous decades these traits gave clusters advantages over the big industrial sprawl of competing western economies, these days the processes are too inefficient to be competitive in all but the highest-value segments.
But it does not want cheques to be included in the regulation, arguing that these are an inefficient payment mechanism that should be discouraged even at local, let alone cross-border, level.
And instead of trying to prop up prices using intervention schemes, as Brazil and other coffee producers have been doing recently, low prices should be seen as an ally: eventually they will drive out inefficient producers elsewhere, and Brazil will be able to increase its earnings through greater volumes.
Reporting, tracking and reconciliation tends to be manual and thus very inefficient.
Last December, one of the last men on the Moon, Harrison Schmitt, told BBC News that he believed Nasa and other government run space agencies were "too inefficient" to be able to send astronauts back to the Moon.
However, what the WSJ then points out is that if this were so then those funds investing in those inefficient markets should be beating the general market: and while certain funds do do so, no class of funds does so regularly.
FORBES: Investing in Inefficient Markets and the Efficient Markets Hypothesis
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