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class="vector-toc-numb">1.3</span> <span>Schools of thought</span> </div> </a> <ul id="toc-Schools_of_thought-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Microeconomic_reform" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Microeconomic_reform"> <div class="vector-toc-text"> <span class="vector-toc-numb">1.4</span> <span>Microeconomic reform</span> </div> </a> <ul id="toc-Microeconomic_reform-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Criteria" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Criteria"> <div class="vector-toc-text"> <span class="vector-toc-numb">2</span> <span>Criteria</span> </div> </a> <ul id="toc-Criteria-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Further_reading" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Further_reading"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Further reading</span> </div> </a> <ul id="toc-Further_reading-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> 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interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/%C4%B0qtisadi_s%C9%99m%C9%99r%C9%99lilik" title="İqtisadi səmərəlilik – Azerbaijani" lang="az" hreflang="az" data-title="İqtisadi səmərəlilik" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-bg mw-list-item"><a href="https://bg.wikipedia.org/wiki/%D0%98%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B0_%D0%B5%D1%84%D0%B5%D0%BA%D1%82%D0%B8%D0%B2%D0%BD%D0%BE%D1%81%D1%82" title="Икономическа ефективност – Bulgarian" lang="bg" hreflang="bg" data-title="Икономическа ефективност" data-language-autonym="Български" data-language-local-name="Bulgarian" class="interlanguage-link-target"><span>Български</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Efici%C3%A8ncia_econ%C3%B2mica" title="Eficiència econòmica – Catalan" lang="ca" hreflang="ca" data-title="Eficiència econòmica" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Ekonomick%C3%A1_efektivnost" title="Ekonomická efektivnost – Czech" lang="cs" hreflang="cs" data-title="Ekonomická efektivnost" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Efficiens" title="Efficiens – Danish" lang="da" hreflang="da" data-title="Efficiens" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%91%CF%80%CE%BF%CF%84%CE%B5%CE%BB%CE%B5%CF%83%CE%BC%CE%B1%CF%84%CE%B9%CE%BA%CF%8C%CF%84%CE%B7%CF%84%CE%B1" title="Αποτελεσματικότητα – Greek" lang="el" hreflang="el" data-title="Αποτελεσματικότητα" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Eficiencia_econ%C3%B3mica" title="Eficiencia económica – Spanish" lang="es" hreflang="es" data-title="Eficiencia económica" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-eu mw-list-item"><a href="https://eu.wikipedia.org/wiki/Eraginkortasun_(ekonomia)" title="Eraginkortasun (ekonomia) – Basque" lang="eu" hreflang="eu" data-title="Eraginkortasun (ekonomia)" data-language-autonym="Euskara" data-language-local-name="Basque" class="interlanguage-link-target"><span>Euskara</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%A8%D9%87%D8%B1%D9%87%E2%80%8C%D9%88%D8%B1%DB%8C_%D8%A7%D9%82%D8%AA%D8%B5%D8%A7%D8%AF%DB%8C" title="بهره‌وری اقتصادی – Persian" lang="fa" hreflang="fa" data-title="بهره‌وری اقتصادی" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EA%B2%BD%EC%A0%9C%EC%A0%81_%ED%9A%A8%EC%9C%A8" title="경제적 효율 – Korean" lang="ko" hreflang="ko" data-title="경제적 효율" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8F%D5%B6%D5%BF%D5%A5%D5%BD%D5%A1%D5%AF%D5%A1%D5%B6_%D5%A1%D6%80%D5%A4%D5%B5%D5%B8%D6%82%D5%B6%D5%A1%D5%BE%D5%A5%D5%BF%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Տնտեսական արդյունավետություն – Armenian" lang="hy" hreflang="hy" data-title="Տնտեսական արդյունավետություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%86%E0%A4%B0%E0%A5%8D%E0%A4%A5%E0%A4%BF%E0%A4%95_%E0%A4%A6%E0%A4%95%E0%A5%8D%E0%A4%B7%E0%A4%A4%E0%A4%BE" title="आर्थिक दक्षता – Hindi" lang="hi" hreflang="hi" data-title="आर्थिक दक्षता" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Efisiensi_ekonomi" title="Efisiensi ekonomi – Indonesian" lang="id" hreflang="id" data-title="Efisiensi ekonomi" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Efficienza_(economia)" title="Efficienza (economia) – Italian" lang="it" hreflang="it" data-title="Efficienza (economia)" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-he mw-list-item"><a href="https://he.wikipedia.org/wiki/%D7%99%D7%A2%D7%99%D7%9C%D7%95%D7%AA_%D7%9B%D7%9C%D7%9B%D7%9C%D7%99%D7%AA" title="יעילות כלכלית – Hebrew" lang="he" hreflang="he" data-title="יעילות כלכלית" data-language-autonym="עברית" data-language-local-name="Hebrew" class="interlanguage-link-target"><span>עברית</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%94%E1%83%99%E1%83%9D%E1%83%9C%E1%83%9D%E1%83%9B%E1%83%98%E1%83%99%E1%83%A3%E1%83%A0%E1%83%98_%E1%83%94%E1%83%A4%E1%83%94%E1%83%A5%E1%83%A2%E1%83%98%E1%83%90%E1%83%9C%E1%83%9D%E1%83%91%E1%83%90" title="ეკონომიკური ეფექტიანობა – Georgian" lang="ka" hreflang="ka" data-title="ეკონომიკური ეფექტიანობა" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-kk mw-list-item"><a href="https://kk.wikipedia.org/wiki/%D0%AD%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D0%BA%D0%B0%D0%BB%D1%8B%D2%9B_%D1%82%D0%B8%D1%96%D0%BC%D0%B4%D1%96%D0%BB%D1%96%D0%BA" title="Экономикалық тиімділік – Kazakh" lang="kk" hreflang="kk" data-title="Экономикалық тиімділік" data-language-autonym="Қазақша" data-language-local-name="Kazakh" class="interlanguage-link-target"><span>Қазақша</span></a></li><li class="interlanguage-link interwiki-lv mw-list-item"><a href="https://lv.wikipedia.org/wiki/Efektivit%C4%81te_(ekonomika)" title="Efektivitāte (ekonomika) – Latvian" lang="lv" hreflang="lv" data-title="Efektivitāte (ekonomika)" data-language-autonym="Latviešu" data-language-local-name="Latvian" class="interlanguage-link-target"><span>Latviešu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Economische_effici%C3%ABntie" title="Economische efficiëntie – Dutch" lang="nl" hreflang="nl" data-title="Economische efficiëntie" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/%E5%8A%B9%E7%8E%87%E6%80%A7" title="効率性 – Japanese" lang="ja" hreflang="ja" data-title="効率性" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Effisiens_(%C3%B8konomi)" title="Effisiens (økonomi) – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Effisiens (økonomi)" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-uz mw-list-item"><a href="https://uz.wikipedia.org/wiki/Ishlab_chiqarish_samaradorligi" title="Ishlab chiqarish samaradorligi – Uzbek" lang="uz" hreflang="uz" data-title="Ishlab chiqarish samaradorligi" data-language-autonym="Oʻzbekcha / ўзбекча" data-language-local-name="Uzbek" class="interlanguage-link-target"><span>Oʻzbekcha / ўзбекча</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Efektywno%C5%9B%C4%87_ekonomiczna" title="Efektywność ekonomiczna – Polish" lang="pl" hreflang="pl" data-title="Efektywność ekonomiczna" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%AD%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D0%B8%D1%87%D0%B5%D1%81%D0%BA%D0%B0%D1%8F_%D1%8D%D1%84%D1%84%D0%B5%D0%BA%D1%82%D0%B8%D0%B2%D0%BD%D0%BE%D1%81%D1%82%D1%8C" title="Экономическая эффективность – Russian" lang="ru" hreflang="ru" data-title="Экономическая эффективность" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sq mw-list-item"><a href="https://sq.wikipedia.org/wiki/Efi%C3%A7ienca_ekonomike" title="Efiçienca ekonomike – Albanian" lang="sq" hreflang="sq" data-title="Efiçienca ekonomike" data-language-autonym="Shqip" data-language-local-name="Albanian" class="interlanguage-link-target"><span>Shqip</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Taloudellinen_tehokkuus" title="Taloudellinen tehokkuus – Finnish" lang="fi" hreflang="fi" data-title="Taloudellinen tehokkuus" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Ekonomisk_effektivitet" title="Ekonomisk effektivitet – Swedish" lang="sv" hreflang="sv" data-title="Ekonomisk effektivitet" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/Ekonomik_verimlilik" title="Ekonomik verimlilik – Turkish" lang="tr" hreflang="tr" data-title="Ekonomik verimlilik" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%95%D0%BA%D0%BE%D0%BD%D0%BE%D0%BC%D1%96%D1%87%D0%BD%D0%B0_%D0%B5%D1%84%D0%B5%D0%BA%D1%82%D0%B8%D0%B2%D0%BD%D1%96%D1%81%D1%82%D1%8C" title="Економічна ефективність – Ukrainian" lang="uk" hreflang="uk" data-title="Економічна ефективність" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Hi%E1%BB%87u_qu%E1%BA%A3_kinh_t%E1%BA%BF" title="Hiệu quả kinh tế – Vietnamese" lang="vi" hreflang="vi" data-title="Hiệu quả kinh tế" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh mw-list-item"><a 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<div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">Situation in which nothing can be improved without something else being hurt</div> <p>In <a href="/wiki/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> </p> <ul><li><a href="/wiki/Allocative_efficiency" title="Allocative efficiency">Allocative</a> or <a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a>: any changes made to assist one person would harm another.</li> <li><a href="/wiki/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="/wiki/Production_(economics)" title="Production (economics)">production</a> proceeds at the lowest possible <a href="/wiki/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="/wiki/Market_(economics)" title="Market (economics)">market</a> or other <a href="/wiki/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="/wiki/Engineering" title="Engineering">engineering</a> concept that a system is <a href="/wiki/Efficiency" title="Efficiency">efficient</a> or <a href="/wiki/Optimal" class="mw-redirect" title="Optimal">optimal</a> when it maximizes desired outputs (such as <a href="/wiki/Utility" title="Utility">utility</a>) given available inputs. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Standards_of_thought">Standards of thought</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=1" title="Edit section: Standards of thought"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There are two main standards of thought on economic efficiency, which respectively emphasize the <a href="/wiki/Regulation" title="Regulation">distortions</a> created by <i>governments</i> (and reduced by <i>decreasing</i> government involvement) and the <a href="/wiki/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="/wiki/Economic_liberalism" title="Economic liberalism">economic liberalism</a> or <a href="/wiki/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><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=2" title="Edit section: Allocative and productive efficiency"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A market can be said to have <a href="/wiki/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="/wiki/Marginal_value" title="Marginal value">marginal value</a> consumers place on it, and equals <a href="/wiki/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="/wiki/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="/wiki/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="/wiki/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="/wiki/Long-run_equilibrium" class="mw-redirect" title="Long-run equilibrium">long-run equilibrium</a> of <a href="/wiki/Perfect_competition" title="Perfect competition">perfect competition</a>. </p><p><a href="/wiki/Productive_efficiency" title="Productive efficiency">Productive efficiency</a> occurs when units of goods are being supplied at the lowest possible <a href="/wiki/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="/wiki/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> </p> <div class="mw-heading mw-heading3"><h3 id="Mainstream_views">Mainstream views</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=3" title="Edit section: Mainstream views"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The mainstream view is that <a href="/wiki/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="/wiki/Fiscal_policy" title="Fiscal policy">fiscal policy</a> and <a href="/wiki/Monetary_policy" title="Monetary policy">monetary policy</a>) to counteract the <a href="/wiki/Economic_cycle" class="mw-redirect" title="Economic cycle">economic cycle</a> – following <a href="/wiki/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="/wiki/Laissez-faire" title="Laissez-faire">laissez-faire</a>, to remove government distortions, while others advocate regulation, to reduce <a href="/wiki/Market_failure" title="Market failure">market failures</a> and imperfections, particularly via internalizing <a href="/wiki/Externalities" class="mw-redirect" title="Externalities">externalities</a>.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2014)">citation needed</span></a></i>]</sup> </p><p>The <a href="/wiki/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="/wiki/Market_equilibrium" class="mw-redirect" title="Market equilibrium">market equilibrium</a> is <a href="/wiki/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="/wiki/Market_imperfection" class="mw-redirect" title="Market imperfection">market imperfections</a>, which are significant in real markets.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (July 2014)">citation needed</span></a></i>]</sup> 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> </p> <div class="mw-heading mw-heading3"><h3 id="Schools_of_thought">Schools of thought</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=4" title="Edit section: Schools of thought"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Advocates of <a href="/wiki/Limited_government" title="Limited government">limited government</a>, in the form <a href="/wiki/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="/wiki/Classical_liberalism" title="Classical liberalism">classical liberalism</a>. They are particularly associated with the <a href="/wiki/Mainstream_economics" title="Mainstream economics">mainstream</a> <a href="/wiki/Schools_of_economic_thought" title="Schools of economic thought">economic schools</a> of <a href="/wiki/Classical_economics" title="Classical economics">classical economics</a> (through the 1870s) and <a href="/wiki/Neoclassical_economics" title="Neoclassical economics">neoclassical economics</a> (from the 1870s onwards), and with the <a href="/wiki/Heterodox_economics" title="Heterodox economics">heterodox</a> <a href="/wiki/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="/wiki/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="/wiki/Institutional_economics" title="Institutional economics">institutional economics</a> and, at the macroeconomic level, with <a href="/wiki/Keynesian_economics" title="Keynesian economics">Keynesian economics</a>. In Germany the guiding philosophy is <a href="/wiki/Ordoliberalism" title="Ordoliberalism">Ordoliberalism</a>, in the <a href="/wiki/Freiburg_School" class="mw-redirect" title="Freiburg School">Freiburg School</a> of economics. </p> <div class="mw-heading mw-heading3"><h3 id="Microeconomic_reform">Microeconomic reform</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=5" title="Edit section: Microeconomic reform"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Microeconomic_reform" title="Microeconomic reform">Microeconomic reform</a> is the implementation of policies that aim to reduce <a href="/wiki/Market_distortion" title="Market distortion">economic distortions</a> via <a href="/wiki/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="/wiki/Market_distortion" title="Market distortion">market distortion</a> will always increase economic efficiency. </p><p>The <a href="/wiki/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. </p> <div class="mw-heading mw-heading2"><h2 id="Criteria">Criteria</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=6" title="Edit section: Criteria"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Economic efficiency can be characterized in many ways: </p> <ul><li><a href="/wiki/Allocative_efficiency" title="Allocative efficiency">Allocative efficiency</a></li> <li><a href="/wiki/Distributive_efficiency" title="Distributive efficiency">Distributive efficiency</a></li> <li><a href="/wiki/Dynamic_efficiency" title="Dynamic efficiency">Dynamic efficiency</a></li> <li><a href="/wiki/Kaldor%E2%80%93Hicks_efficiency" title="Kaldor–Hicks efficiency">Kaldor–Hicks efficiency</a></li> <li><a href="/wiki/Operational_efficiency" title="Operational efficiency">Operational efficiency</a></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Productive_efficiency" title="Productive efficiency">Productive efficiency</a></li> <li>Optimisation of a <a href="/wiki/Social_welfare_function" title="Social welfare function">social welfare function</a></li> <li><a href="/wiki/Utility" title="Utility">Utility</a> maximization</li> <li><a href="/wiki/X-inefficiency" title="X-inefficiency">X-inefficiency</a></li></ul> <p>Applications of these principles include: </p> <ul><li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a></li> <li><a href="/wiki/Microeconomic_reform" title="Microeconomic reform">Microeconomic reform</a></li> <li><a href="/wiki/Production_theory" class="mw-redirect" title="Production theory">Production theory</a> basics</li> <li><a href="/wiki/Welfare_economics" title="Welfare economics">Welfare economics</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=7" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><a href="/wiki/Business_efficiency" class="mw-redirect" title="Business efficiency">Business efficiency</a></li> <li><a href="/wiki/Compensation_principle" title="Compensation principle">Compensation principle</a></li> <li><a href="/wiki/Distribution_(economics)" title="Distribution (economics)">Distribution (economics)</a></li> <li><a href="/wiki/Economic_equilibrium" title="Economic equilibrium">Economic equilibrium</a></li> <li><a href="/wiki/Pareto_efficiency" title="Pareto efficiency">Pareto efficiency</a></li> <li><a href="/wiki/Uneconomic_growth" title="Uneconomic growth">Uneconomic growth</a></li> <li><a href="/wiki/Zero-sum_game" title="Zero-sum game">Zero-sum game</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=8" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFPetrou2014" class="citation journal cs1">Petrou, Anastasia (2014). "Economic Efficiency". <i>Encyclopedia of Quality of Life and Well-Being Research</i>: 1793–1794. <a href="/wiki/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>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Encyclopedia+of+Quality+of+Life+and+Well-Being+Research&rft.atitle=Economic+Efficiency&rft.pages=1793-1794&rft.date=2014&rft_id=info%3Adoi%2F10.1007%2F978-94-007-0753-5_818&rft.aulast=Petrou&rft.aufirst=Anastasia&rfr_id=info%3Asid%2Fen.wikipedia.org%3AEconomic+efficiency" class="Z3988"></span></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="/wiki/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><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=9" title="Edit section: Further reading"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></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><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Economic_efficiency&action=edit&section=10" title="Edit section: External links"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></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> <div class="navbox-styles"><style data-mw-deduplicate="TemplateStyles:r1129693374">.mw-parser-output .hlist dl,.mw-parser-output .hlist ol,.mw-parser-output .hlist ul{margin:0;padding:0}.mw-parser-output .hlist dd,.mw-parser-output .hlist dt,.mw-parser-output .hlist li{margin:0;display:inline}.mw-parser-output .hlist.inline,.mw-parser-output .hlist.inline dl,.mw-parser-output .hlist.inline ol,.mw-parser-output .hlist.inline ul,.mw-parser-output .hlist dl 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