In today’s world the term efficiency gained a status of an imperative at all levels of economic activity (micro, mezo, macro) as well as in all sectors of the economy (private, public, non-profit). The prevalence of “efficiency” in scientific discussions discloses existence of a number of approaches to the understanding of this concept as well as existence of conceptual differences regarding the essence of efficiency, resulting from different ideological foundations of relevant economic theories. This study distinguishes between two analytical approaches: 1) static efficiency – conceptually inscribed in the paradigm of neoclassical economics, 2) dynamic efficiency – developed on the grounds of heterodox evolutionary economics. Within these two theoretical approaches various types of efficiency have been identified and characterized. This resulted in a typology that established a conceptual framework for clarifying different meanings of the term “efficiency”.