" 

 == Previous lede == 

 The previous lede was a copyvio straight from Stiglitz and Walsh glossary. Quoting it here: 

 ""Dynamic efficiency is a term in economics, which refers to an economy that appropriately balances short run concerns (static efficiency) with concerns in the long run (focusing on encouraging research and development)."" 

 In addition to the problem of copyright violations this is actually NOT the usual definition of dynamic efficiency. It is definitely NOT the concept of dynamic efficiency/inefficiency as it appears in the Solow and Overlapping Generations models. I'm guessing Stiglitz is using a definition related to monopoly rights over patents and copyrights but that's a completely different thing.  "