Socio-economists recognize that (1) at best the maximization of efficiency is only one component wealth maximization, and (2) wealth distribution matters not only normatively but also positively in understanding efficiency and growth. The growing wealth and poverty of nations (which was the subject of Adam’s Smith’s inquiry) is not synonymous with maximizing efficiency. Closely related to the distinction between efficiency and growth is the meaning of unutilized productive capacity in a time frame in which technology and capital investment are variables dynamically related prices In this session, three panelists explain these principles in way understandable both to veterans and novices in economic theory, and discuss some of the normative implications that flow from these principles.