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Efficiency

In general, efficiency refers to maximizing outputs while minimizing inputs.

In economic contexts, there are two main types of efficiency: microeconomic efficiency (where system efficiency is understood as maximizing a particular output given available inputs), and the efficient-market hypothesis (a state where asset prices reflect all available information).
If redistribution does not discourage work, then NIT-style programs better optimize social welfare functions relative to to EITC-style ones. Primary income-support welfare programs that could be consolidated into a single basic income include: earned income tax credit (EITC), Supplemental Nutrition Assistance Program (SNAP, formerly known as food stamps), temporary assistance for needy families (TANF), and supplemental security income (SSI). A tax on the value of unimproved land reduces the incentive to search for better improvements. The Henry George Theorem – that in cities of optimal size aggregate land rents equal expenditures on public goods – holds under three conditions: (i) for all large economies in which (ii) the spatial distribution of economic activity is Pareto optimal and in which (iii) differential land rents are well defined. A 100% tax on land would reduce the market value of land to zero. A study of French firms finds that labor-managed firms may use their inputs more efficiently than conventional firms.
Voice at Work Efficient Redistribution Codetermination in Sweden: Myth and Reality Codetermination and the Democratic State CRS Report: Welfare Spending [is] The Largest Item In The Federal Budget Jain Family Institute Position on Guaranteed Income
Benjamin Schoefer Simon Jäger Jarkko Harju Keith A. Bender Virgiliu Midrigan Corina Boar Klas Levinson Horst Eudenmueller
Codetermination Basic Income Land Value Tax
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