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<title>Economic efficiency</title>

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<span id="openzim-page-title" class="mw-page-title-main"><span class="mw-page-title-main">Economic efficiency</span></span>

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<p>In <a href="Microeconomics" title="Microeconomics">microeconomics</a>, <b>economic efficiency</b>, depending on the context, is usually one of the following two related concepts:<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup>

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<ul><li><a href="Allocative_efficiency" title="Allocative efficiency">Allocative</a> or <a href="Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a>: any changes made to assist one person would harm another.</li>

<li><a href="Productive_efficiency" title="Productive efficiency">Productive efficiency</a>: no additional output of one good can be obtained without decreasing the output of another good, and <a href="Production_(economics)" title="Production (economics)">production</a> proceeds at the lowest possible <a href="Average_total_cost" class="mw-redirect" title="Average total cost">average total cost</a>.</li></ul>

<p>These definitions are not equivalent: a <a href="Market_(economics)" title="Market (economics)">market</a> or other <a href="Economic_system" title="Economic system">economic system</a> may be allocatively but not productively efficient, or productively but not allocatively efficient. There are also <a href="#Criteria">other</a> definitions and measures. All characterizations of economic efficiency are encompassed by the more general <a href="Engineering" title="Engineering">engineering</a> concept that a system is <a href="Efficiency" title="Efficiency">efficient</a> or <a href="Optimal" class="mw-redirect" title="Optimal">optimal</a> when it maximizes desired outputs (such as <a href="Utility" title="Utility">utility</a>) given available inputs.

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<div class="mw-heading mw-heading2"><h2 id="Standards_of_thought">Standards of thought</h2></div>

<p>There are two main standards of thought on economic efficiency, which respectively emphasize the <a href="Regulation" title="Regulation">distortions</a> created by <i>governments</i> (and reduced by <i>decreasing</i> government involvement) and the <a href="Market_distortion" title="Market distortion">distortions</a> created by <i>markets</i> (and reduced by <i>increasing</i> government involvement). These are at times competing, at times complementary—either debating the <i>overall</i> level of government involvement, or the effects of <i>specific</i> government involvement. Broadly speaking, this dialog takes place in the context of <a href="Economic_liberalism" title="Economic liberalism">economic liberalism</a> or <a href="Neoliberalism" title="Neoliberalism">neoliberalism</a>, though these terms are also used more narrowly to refer to particular views, especially advocating laissez faire.

</p><p>Further, there are differences in views on microeconomic versus macroeconomic efficiency, some advocating a greater role for government in one sphere or the other.

</p>

<div class="mw-heading mw-heading3"><h3 id="Allocative_and_productive_efficiency">Allocative and productive efficiency</h3></div>

<p>A market can be said to have <a href="Allocative_efficiency" title="Allocative efficiency">allocative efficiency</a> if the price of a product that the market is supplying is equal to the <a href="Marginal_value" title="Marginal value">marginal value</a> consumers place on it, and equals <a href="Marginal_cost" title="Marginal cost">marginal cost</a>. In other words, when every good or service is produced up to the point where one more unit provides a <a href="Marginal_utility" title="Marginal utility">marginal benefit</a> to consumers less than the marginal cost of producing it.

</p><p>Because productive resources are <a href="Scarcity" title="Scarcity">scarce</a>, the resources must be allocated to various industries in just the right amounts, otherwise too much or too little output gets produced.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> When drawing diagrams for <a href="Business" title="Business">businesses</a>, allocative efficiency is satisfied if output is produced at the point where marginal cost is equal to average revenue. This is the case for the <a href="Long-run_equilibrium" class="mw-redirect" title="Long-run equilibrium">long-run equilibrium</a> of <a href="Perfect_competition" title="Perfect competition">perfect competition</a>.

</p><p><a href="Productive_efficiency" title="Productive efficiency">Productive efficiency</a> occurs when units of goods are being supplied at the lowest possible <a href="Average_total_cost" class="mw-redirect" title="Average total cost">average total cost</a>. When drawing diagrams for businesses, this condition is satisfied if the equilibrium is at the minimum point of the <a href="Cost_curve#Short-run_average_total_cost_curve_.28SRATC_or_SRAC.29" title="Cost curve">average total cost curve</a>. This is again the case for the long run equilibrium of perfect competition. For an extensive discussion of many other types of productive efficiency and its measures (Farrell, Hyperbolic, Directional, Cost, Revenue, Profit, Additive, etc.) and their relationships.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup>

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<div class="mw-heading mw-heading3"><h3 id="Mainstream_views">Mainstream views</h3></div>

<p>The mainstream view is that <a href="Market_economy" title="Market economy">market economies</a> are generally believed to be closer to efficient than other known alternatives<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> and that government involvement is necessary at the macroeconomic level (via <a href="Fiscal_policy" title="Fiscal policy">fiscal policy</a> and <a href="Monetary_policy" title="Monetary policy">monetary policy</a>) to counteract the <a href="Economic_cycle" class="mw-redirect" title="Economic cycle">economic cycle</a> – following <a href="Keynesian_economics" title="Keynesian economics">Keynesian economics</a>. At the microeconomic level there is debate about how to achieve efficiency, with some advocating <a href="Laissez-faire" title="Laissez-faire">laissez-faire</a>, to remove government distortions, while others advocate regulation, to reduce <a href="Market_failure" title="Market failure">market failures</a> and imperfections, particularly via internalizing <a href="Externalities" class="mw-redirect" title="Externalities">externalities</a>.

</p><p>The <a href="Fundamental_theorems_of_welfare_economics" title="Fundamental theorems of welfare economics">first fundamental welfare theorem</a> provides some basis for the belief in efficiency of market economies, as it states that any perfectly competitive <a href="Market_equilibrium" class="mw-redirect" title="Market equilibrium">market equilibrium</a> is <a href="Pareto_efficiency" title="Pareto efficiency">Pareto efficient</a>. The assumption of perfect competition means that this result is only valid in the absence of <a href="Market_imperfection" class="mw-redirect" title="Market imperfection">market imperfections</a>, which are significant in real markets.

Furthermore, Pareto efficiency is a minimal notion of optimality and does not necessarily result in a socially desirable distribution of resources, as it makes no statement about equality or the overall well-being of a society.<sup id="cite_ref-Barr_5-0" class="reference"><a href="#cite_note-Barr-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Sen_6-0" class="reference"><a href="#cite_note-Sen-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup>

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<div class="mw-heading mw-heading3"><h3 id="Schools_of_thought">Schools of thought</h3></div>

<p>Advocates of <a href="Limited_government" title="Limited government">limited government</a>, in the form <a href="Laissez_faire" class="mw-redirect" title="Laissez faire">laissez-faire</a> (little or no government role in the economy) follow from the 19th century philosophical tradition <a href="Classical_liberalism" title="Classical liberalism">classical liberalism</a>. They are particularly associated with the <a href="Mainstream_economics" title="Mainstream economics">mainstream</a> <a href="Schools_of_economic_thought" title="Schools of economic thought">economic schools</a> of <a href="Classical_economics" title="Classical economics">classical economics</a> (through the 1870s) and <a href="Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a> (from the 1870s onwards), and with the <a href="Heterodox_economics" title="Heterodox economics">heterodox</a> <a href="Austrian_school" class="mw-redirect" title="Austrian school">Austrian school</a>.

</p><p>Advocates of an expanded government role follow instead in alternative streams of progressivism; in the <a href="Anglosphere" title="Anglosphere">Anglosphere</a> (English-speaking countries, notably the United States, United Kingdom, Canada, Australia and New Zealand) this is associated with <a href="Institutional_economics" title="Institutional economics">institutional economics</a> and, at the macroeconomic level, with <a href="Keynesian_economics" title="Keynesian economics">Keynesian economics</a>. In Germany the guiding philosophy is <a href="Ordoliberalism" title="Ordoliberalism">Ordoliberalism</a>, in the <a href="Freiburg_School" class="mw-redirect" title="Freiburg School">Freiburg School</a> of economics.

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<div class="mw-heading mw-heading3"><h3 id="Microeconomic_reform">Microeconomic reform</h3></div>

<p><a href="Microeconomic_reform" title="Microeconomic reform">Microeconomic reform</a> is the implementation of policies that aim to reduce <a href="Market_distortion" title="Market distortion">economic distortions</a> via <a href="Deregulation" title="Deregulation">deregulation</a>, and move toward economic efficiency. However, there is no clear theoretical basis for the belief that removing a <a href="Market_distortion" title="Market distortion">market distortion</a> will always increase economic efficiency.

</p><p>The <a href="Theory_of_the_second_best" title="Theory of the second best">theory of the second best</a> states that if there is some unavoidable market distortion in one sector, a move toward greater market perfection in another sector may actually decrease efficiency.

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<div class="mw-heading mw-heading2"><h2 id="Criteria">Criteria</h2></div>

<p>Economic efficiency can be characterized in many ways:

</p>

<ul><li><a href="Allocative_efficiency" title="Allocative efficiency">Allocative efficiency</a></li>

<li><a href="Distributive_efficiency" title="Distributive efficiency">Distributive efficiency</a></li>

<li><a href="Dynamic_efficiency" title="Dynamic efficiency">Dynamic efficiency</a></li>

<li><a href="Kaldor%E2%80%93Hicks_efficiency" title="Kaldor–Hicks efficiency">Kaldor–Hicks efficiency</a></li>

<li><a href="Operational_efficiency" title="Operational efficiency">Operational efficiency</a></li>

<li><a href="Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li>

<li><a href="Productive_efficiency" title="Productive efficiency">Productive efficiency</a></li>

<li>Optimisation of a <a href="Social_welfare_function" title="Social welfare function">social welfare function</a></li>

<li><a href="Utility" title="Utility">Utility</a> maximization</li>

<li><a href="X-inefficiency" title="X-inefficiency">X-inefficiency</a></li></ul>

<p>Applications of these principles include:

</p>

<ul><li><a href="Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a></li>

<li><a href="Microeconomic_reform" title="Microeconomic reform">Microeconomic reform</a></li>

<li><a href="Production_theory" class="mw-redirect" title="Production theory">Production theory</a> basics</li>

<li><a href="Welfare_economics" title="Welfare economics">Welfare economics</a></li></ul>

<ul><li><a href="Business_efficiency" class="mw-redirect" title="Business efficiency">Business efficiency</a></li>

<li><a href="Compensation_principle" title="Compensation principle">Compensation principle</a></li>

<li><a href="Distribution_(economics)" title="Distribution (economics)">Distribution (economics)</a></li>

<li><a href="Economic_equilibrium" title="Economic equilibrium">Economic equilibrium</a></li>

<li><a href="Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li>

<li><a href="Uneconomic_growth" title="Uneconomic growth">Uneconomic growth</a></li>

<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>

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</style><cite id="CITEREFPetrou2014" class="citation book cs1">Petrou, Anastasia (2014). "Economic Efficiency". <i>Encyclopedia of Quality of Life and Well-Being Research</i>. pp. <span class="nowrap">1793–</span>1794. <a href="Doi_(identifier)" class="mw-redirect" title="Doi (identifier)">doi</a>:<a rel="nofollow" class="external text" href="https://doi.org/10.1007%2F978-94-007-0753-5_818">10.1007/978-94-007-0753-5_818</a>. <a href="ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <bdi>978-94-007-0752-8</bdi>.</cite></span>

</li>

<li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">Thomas. Government Regulation of Business. 2013, McGraw-Hill.</span>

</li>

<li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://assets.cambridge.org/97811070/36161/frontmatter/9781107036161_frontmatter.pdf">Sickles, R., & Zelenyuk, V. (2019). Measurement of Productivity and Efficiency: Theory and Practice. Cambridge: Cambridge University Press. doi:10.1017/9781139565981 </a></span>

</li>

<li id="cite_note-4"><span class="mw-cite-backlink"><b><a href="#cite_ref-4">^</a></b></span> <span class="reference-text">Economics, fourth edition, <a href="Alain_Anderton" title="Alain Anderton">Alain Anderton</a>, p281</span>

</li>

<li id="cite_note-Barr-5"><span class="mw-cite-backlink"><b><a href="#cite_ref-Barr_5-0">^</a></b></span> <span class="reference-text">Barr, N. (2004). <i>Economics of the welfare state</i>. New York, Oxford University Press (USA).</span>

</li>

<li id="cite_note-Sen-6"><span class="mw-cite-backlink"><b><a href="#cite_ref-Sen_6-0">^</a></b></span> <span class="reference-text">Sen, A. (1993). <a rel="nofollow" class="external text" href="http://www.cs.princeton.edu/courses/archive/spr06/cos444/papers/sen.pdf">Markets and freedom: Achievements and limitations of the market mechanism in promoting individual freedoms</a>. <i>Oxford Economic Papers, 45</i>(4), 519–541.</span>

</li>

</ol></div>

<div class="mw-heading mw-heading2"><h2 id="Further_reading">Further reading</h2></div>

<ul><li>Patnaik, Prabhat (1997). "On the Concept of Efficiency". <i>Economic and Political Weekly</i>. October 25, 1997.</li></ul>

<div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div>

<ul><li><a rel="nofollow" class="external text" href="https://www.econlib.org/library/Enc/Efficiency.html">"Efficiency"</a> article by Paul Heyne</li></ul>

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