Lambda calculus is from the 1930s and predates computers, its point is that it is bare bones model of computation. It doesn't make much sense to compare it to modern languages in efficacy, as that seems to imagine someone came up with lambda calculus in 2010 along Java, C, Python, etc.
The super cool thing about it is that it is capable of expressing ALL the computation you know today, from the few primitives. An "If" statement for example is λb.λx.λy. b x y