Oh no, Paradox is 100% correct. It's just the term 'efficient' that is open to debate.
From an industrial perspective, dumping waste into a river is cheap and very efficient. It's a sewer running straight past you and the other businesses are doing it.
Digging up minerals? Eficient, as long as you don't factor in the cost of rehabilitation of the site and worker safety.
Fracking for natural gas? Efficient if you don't consider possible losses to ground water and water poisoning.
Hospitals cut to the bone? Efficient as long as you don't have an influx of patients or expect good customer service.
This approach is naive in this day and age when we are accepting that there is more to life than just profit and loss. Its an easy political tag-line when you can say 'cutting red-tape'. What does it really mean? Well to the public it implies that there are layers and layers of needless rules and regulations and they can be removed with no affect. In reality there are not thousands of public servants sitting there stamping the same form and then passing it onto someone else to also stamp.
Then, if things go wrong, the public will cry out 'where are the rules? Why were there not more regulations?'.
Privatising things introduces a need to make a profit on top of any inefficiencies that occur in any large business.
This 'pink batts fiasco' makes me laugh. The criticism seems to always be from people that want to reduce rules and regulations, but in this case there was a perfect example of what can happen if there are minimal rules and regulation. Does it change the mind of those people that want to remove rules and regulations? No, it just means they bite down harder and want both to remove rules and regulations and also have them when things go wrong.
Had roof insulation been installed by responsible businesses, this wouldn't have been an issue. Instead, some unscrupulous businesses thought it was a good opportunity to neglect safety and training.
Efficiency is not something we want to aim for if it means ignoring a lot of the other parts of running a business in the modern world.