"Runtime" refers to the algorithm in question:
Another algorithm can solve this problem asymptotically faster, that is, with shorter runtime.
The "complexity of time", on the other hand, is inherent in the problem under consideration. It is defined as the smallest runtime of any algorithm that solves this problem.
The same applies to other measures of algorithmic value, such as memory, #processors, communication volume, etc.
(Bloom's acceleration theorem demonstrates that the “least” time cannot be achieved at all ...)
Martin ziegler
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