In this paper we explore the problem of how to determine standards of performance for energy conversion processes. We briefly review the argument against the use of infintely slow reversible processes as standards, and explore some simple alternatives that take into account the desire to perform useful work in finite time. We illustrate these alternatives using an Atwood machine. In this simple case when the irreversibility is specified we show that the optimal efficiency for lifting a weight can be calculated for given performance goals (constraints).
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Morton H. Rubin (1978) studied this question.