What principle states that efficiency leads to economic prosperity for all?

The principle that states efficiency leads to economic prosperity for all is rooted in the concept of economic efficiency. Efficiency in economics refers to the optimal use of resources to produce goods and services, where benefits cannot be reallocated without making someone worse off.

When an economy operates efficiently, it maximizes output and minimizes waste, creating a situation where resources are used in the most productive manner possible. This often leads to increased production, innovation, and overall wealth generation. Efficient markets can drive down costs, lower prices for consumers, and improve quality, which benefits everyone in the economy.

Moreover, efficiency can enhance competition and foster an environment where businesses innovate and strive for better methods of production. As productivity rises, wages can also increase, contributing to overall economic prosperity.

While the other principles mentioned may focus on different aspects of economics — such as fairness in distribution or specific aspects of consumer behavior and resource allocation — they do not encapsulate the broad idea that efficiency is a key driver of overall economic success for society.