allocative and productive efficiency. Nationalization of private firms in case unprofitable investments were made, leads to … increased allocative efficiency despite private ownership. The effort level chosen by the managers working for firms is also … affected by government intervention with an impact on productive efficiency. …

Wage Dispersion and Efficiency. It is often assumed that markets generate efficient allocations, but these are not … compensating differentials will increase both efficiency and fairness, quite in line with the classical position taken by Adam …