The efficient coding hypothesis was proposed by Horace Barlow in 1961 as a theoretical model of sensory coding in the brain. Within the brain, neurons often communicate with one another by sending electrical impulses referred to as action potentials or spikes. One goal of sensory neuroscience is to decipher the meaning of these spikes in order to understand how the brain represents and processes information about the outside world. Barlow hypothesized that the spikes in the sensory system formed a neural code for efficiently representing sensory information. By efficient Barlow meant that the code minimized the number of spikes needed to transmit a given signal. This is somewhat analogous to transmitting information across the internet, where different file formats can be used to transmit a given image. Different file formats require different number of bits for representing the same image at given distortion level, and some are better suited for representing certain classes of images than others. According to this model, the brain is thought to use a code which is suited for representing visual and audio information representative of an organism's natural environment.
Read more about Efficient Coding Hypothesis: Efficient Coding and Information Theory
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