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Diabetic patients can receive multiple/different treatments. However, there is no universal solution for all patients, i.e., one prescription can treat some patients, but it may not be effective for others. Therefore, if we can stratify those patients into several sub-classes, the patients in each sub-class can receive the optimal treatment. There are two main challenges: (1) counterfactual inference when a patient can only take one treatment at a time, i.e., a long time is required to collect an adequate amount of patient data for analysis; (2) the confounding effects of covariates on the tre...

End of efficiency in economics Posted : 2020-12-23 16:15 By Robert Skidelsky LONDON ― Economics is the study of economizing, or using the least amount of time and effort to produce the greatest amount of satisfaction. The more we can economize 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. Efficiency lies at the heart of trade theory. In the early 19th century, the economist Da...