Abstract: Justice as referred by classic economics school means fairplay, and efficiency, increase of riches; justice as referred by free economics school means equal opportuni ty, and efficiency, also increase of riches. Marxist economics school sticks to the justice in the pos session of production means and in the obtaining of equal income by equal labour.The old ins t i tut ion economics school advocates priority in efficienc y and gives consideration to justice as well; and the new insti tution ec onomics school , the vice versa. Justics di fferent iates into equal right and reciprocal right , and efficiency, into inves tment and produc t ion relationship and effective investment and production relationship. What social is t market economy needs is jus t ice in the sense of reciprocal right and efficiency in the sense of effective investment and production relationship. It s ticks to a view of priority in ef ficiency and giving consideration to jus t ice.

Key words: justice, efficiency, effective value, labour value