"Just in terms of allocation of time resources, religion is not very efficient, " he explains.

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The neighbourhood comprehensive school was not just the guarantor of a fair allocation of educational resources and opportunities, but the bedrock of a more egalitarian society.

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Just as conventional inflation can distort the allocation of resources, so asset-price inflation distorts economic behaviour by causing households to save too little and to pour too much money into property.

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Just as with product prices, rapid increases in asset prices can distort the allocation of resources.

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Just swapping the two will create more opportunities for Gardner and fewer for Granderson, which Spratt said is the proper allocation of resources.

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