In one of my client projects, we were talking about improving efficiency while the question behind this question was before talking about efficiency whether they were effective. I certainly believe in looking through both these lenses: whether we do the "right things" (effectiveness) and then talk about whether we do "those things right" (efficiency).
I also remember a time where I have gone on a road, and realizing may be this was not the road I should have chosen at the first place. I often get a comment to this which is not to keep on thinking, but to just do it - but I do not see these thoughts as black or white.
The point made here is to think about the right road (which will be an outcome of the experiences you build up in your lives) and then run on that road. The point is to pay attention to what we do, why we do, every day & keep that thought of being effective at a conscious level.
In the same light, I was watching one of the very recent TED talks by Barry Schwartz, an American psychologist. He talks about practical wisdom and doing morally right things while not been bogged down by rules. Rules are often used as a reactive measure to prevent things -and the point is not that "dont have rules", but first focus on morally right things and then have rules or incentives as a support framework.
Also in one of the comments, I read a quote - The difference between a smart person and a wise person is that a smart person can get out of trouble that a wise person wouldn't have gotten into in the first place.