This is the VOA Special English Economics (1) Report.

Many things perform effectively (2) but not efficiently (3) . To be efficient means to produce a desired effect with as little waste as possible.

How can markets (4) be designed to make them more efficient? This is a question that the three winners of this year's Nobel Prize in economics have tried to answer. They established (5) mechanism (6) design theory.

(1) economics ： ( 国民的 ) 经济情况；经济

(2) effectively ： 有效地；生效地

(3) efficiently ： 效率高地

(4) markets ： 市场；股票市场；市集

(5) established ： 建立；设立；创办

(6) mechanism ： 机构；结构