REVISITNG INTEGRATED RESOURCE EFFICIENCY IN THE AGRICULTURAL SECTOR OF THE ECONOMY
Efficiency is the fundamental concept of the description of the performance of economic systems and the basic requirement for any economic process. The increase in the efficiency of the performance of the agricultural sector of the economy is primarily due to the efficiency of the use of industrial resources, since the production of agricultural products in its essence is nothing more than the process of converting resources into products. Calculated in the traditional way, particular performance indicators have a significant drawback: when calculating the efficiency of the use of the resource, it is involuntarily assumed that other resources do not participate in the production process. The proposed alternative approach, based on the use of the apparatus of production functions, shows that the efficiency of the use of any resource is not a constant, but depends on the level of security of the agricultural organization with all resources, the nature and degree of their joint influence on the results of production activities. A particular indicator of the efficiency of the analyzed industrial resource is determined by the product of the coefficient of determination of the production function for the mean efficiency of the resource and its elasticity ratio in the general elasticity of production. The assessment of the integrated efficiency of the resource use is based on the comparison of particular indicators with the "standard" (the maximum level of efficiency of the resource potential use). This approach allows assessing the subjective contribution of the company's staff and focuses it on the use of more efficient means of production, more advanced forms of labor organization and technological processes that embody the achievements of scientific and technological progress.