Technology Efficient and Fatter Tails efficient, understand, machines, producing

YouCanDoIt

Hi,

I have two separate questions (obviously).

First is about being technologically efficient. I don't understand this. I thought it just meant that you use the least amount of inputs.

Therefore, if you have 1 machine produce 500 gizmos or I have 5 workers producing 500 gizmos, you are more technologically efficient.

However, the schweser says a process that is not technologically efficient can't be economically efficient.

What if your machines costs 5,000,000 dollars and I pay my workers $2 an hour. Aren't you more technologically efficient but I am economically efficient?

And now for more question about fatter tails...

On page 23 of schweser secret sauce 2009 (sorry, it's what i've got) It says that leptokurtic distributions have fatter tails. However, on page 36 in a T-Distribution it says that the more degrees of freedom (i.e. more kurtosis) the thinner the tails b/c more of the observations are centered around the mean. Isn't this counterintuitive to what they said on page 23? Thanks in advance for any help you can provide!