Yglesias seems to be committing an error here by confusing technical jargon with common English. Efficient has a very specific meaning in economics (well, two specific meanings, depending on what kind market you're talking about). The word efficient is not meant to refer to universal goodness and it's a mistake to treat it as if it were.
Efficient has a very specific meaning in economics (well, two specific meanings, depending on what kind market you're talking about).
I know of three, although it is a matter of parametrization (weak, strong, semi-strong). What two meanings do you have in mind?
Here's the new thread for posting quotes, with the usual rules: