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Allocative efficiency is a state of the economy in which production is aligned with the preferences of consumers and producers; in particular, the set of outputs is chosen so as to maximize the social welfare of society. [1] This is achieved if every produced good or service has a marginal benefit equal to the marginal cost of production.
Other concepts include functional/operational efficiency, which is inversely related to the costs that investors bear for making transactions, and allocative efficiency, which is a measure of how far a market channels funds from ultimate lenders to ultimate borrowers in such a way that the funds are used in the most productive manner.
A market can be said to have allocative efficiency if the price of a product that the market is supplying is equal to the marginal value consumers place on it, and equals marginal cost. In other words, when every good or service is produced up to the point where one more unit provides a marginal benefit to consumers less than the marginal cost ...
Edgeworth's original two-axis depiction was developed into the now familiar box diagram by Pareto in his 1906 Manual of Political Economy and was popularized in a later exposition by Bowley. The modern version of the diagram is commonly referred to as the Edgeworth–Bowley box. [6]
The value of a paper savings bond can be checked by using the savings bond calculator on the TreasuryDirect website and entering this information found on bond: Issue date. Bond series.
X-inefficiency is a concept used in economics to describe instances where firms go through internal inefficiency resulting in higher production costs than required for a given output. This inefficiency can result from various factors, such as outdated technology, inefficient production processes, poor management, and lack of competition, and it ...
CALPHAD stands for Computer Coupling of Phase Diagrams and Thermochemistry, a methodology introduced in 1970 by Larry Kaufman, originally known as CALculation of PHAse Diagrams. [1] [2] [3] An equilibrium phase diagram is usually a diagram with axes for temperature and composition of a chemical system. It shows the regions where substances or ...
Harvey Leibenstein (1922 – February 28, 1994) was a Ukrainian-born American economist.One of his most important contributions to economics was the concept of X-inefficiency and the critical minimum effort thesis in development economics.