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$\begingroup$ In short: efficient is what solves your problem in a timeframe that suits you. $\endgroup$
– Raphael
Commented Mar 12, 2013 at 14:13
$\begingroup$ This doesn't really necessitate its own answer, but BPP, which is the class of functions with polynomial runtime (as described in the answer) with randomness as well, is often considered efficient. In other words, the above is right, but computers are generally allowed to access randomness to do calculations. One of the most important practical uses of randomness is hashing. $\endgroup$
– SamM
Commented Mar 12, 2013 at 20:36
$\begingroup$ Maybe "efficient" isn't really the right terminology in the first place? I was just reviewing one of my calculus books, and the author calls polynomial runtimes "tractable" and exponential runtimes "intractable". $\endgroup$
– Robert S. Barnes
Commented Mar 13, 2013 at 8:04
1

$\begingroup$ @RobertS.Barnes: Different words, same problem. $\endgroup$
– Raphael
Commented Mar 13, 2013 at 8:25

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