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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 This inefficiency can result from various factors, such as outdated technology, inefficient production processes, poor management, and lack of competition, and it ...
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.
AS Level only; expired in 2011 CIE 8287: English Language (US) available in the US only under the BES pilot; AS Level only; available from 2013 CIE 8290: Environmental Science: AS Level only CIE 8291: Environmental Management: AS Level only CIE 8436: Thinking Skills: AS Level only; expired in 2007 CIE 8660: Research Project: AS Level only CIE ...
The mainstream view is that market economies are generally believed to be closer to efficient than other known alternatives [4] and that government involvement is necessary at the macroeconomic level (via fiscal policy and monetary policy) to counteract the economic cycle – following Keynesian economics. At the microeconomic level there is ...
Productive inefficiency, with the economy operating below its production possibilities frontier, can occur because the productive inputs physical capital and labor are underutilized—that is, some capital or labor is left sitting idle—or because these inputs are allocated in inappropriate combinations to the different industries that use them.
In addition to the context of efficiency in allocation, the concept of Pareto efficiency also arises in the context of efficiency in production vs. x-inefficiency: a set of outputs of goods is Pareto-efficient if there is no feasible re-allocation of productive inputs such that output of one product increases while the outputs of all other ...
The O grade was equivalent to a GCE Ordinary Level pass which indicated a performance equivalent to the lowest pass grade at Ordinary Level.. Over time, the validity of this system was questioned because, rather than reflecting a standard, norm referencing simply maintained a specific proportion of candidates at each grade, which in small cohorts was subject to statistical fluctuations in ...
Inefficiency is the absence of efficiency. Kinds of inefficiency include: Kinds of inefficiency include: Allocative inefficiency refers to a situation in which the distribution of resources between alternatives does not fit with consumer taste (perceptions of costs and benefits).