This a nitpick but often when we say a market is efficient we mean Pareto efficient which does carry with it connotations of fairness and at the very least utility maximisation. This is the sense that is used when not talking about asset markets (it also applies to asset markets but has the further property of being informational efficient. )
This a nitpick but often when we say a market is efficient we mean Pareto efficient which does carry with it connotations of fairness and at the very least utility maximisation. This is the sense that is used when not talking about asset markets (it also applies to asset markets but has the further property of being informational efficient. )