Measurement of the effectiveness of resource allocation

We study economics in order to find the most effective way to allocate our constrained resources. There are two extremes of this argument. One end is Adam Smith's "invisible hand" of the free market. The other end is led by Karl Marx, a social planner who is like the god with  omnipotence, omniscience and omnipresence and allocate resources to satisfy everyone's preference. These are from a macroeconomics aspect. There are some microeconomics points of view. People talk about economies of scale and specialization, which improves productivity so less waste will be made. Compared with the macroeconomic view, the microeconomic theories are generally more practical and easier to measure, as we usually measure the cost of production. From the macroeconomics aspect, we usually talk more about the inequality; however, economic growth is also important. Then is it possible to combine GDP growth rate with inequality measurement to form a new index, which to show how effectively a country allocates its resources? I think a country is better at allocating its resources when it could maintain a relatively high economic growth with widening the wealth gap.