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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 This inefficiency is a result of various factors such as outdated technology, inefficient production processes, poor management and lack of competition resulting ...
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. Concerning his critical minimum effort thesis, he claimed that the underdeveloped countries are trapped ...
Pareto efficiency is mathematically represented when there is no other strategy profile s' such that ui (s') ≥ ui (s) for every player i and uj (s') > uj (s) for some player j. In this equation s represents the strategy profile, u represents the utility or benefit, and j represents the player. [6]
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Efficiency is the often measurable ability to avoid making mistakes or wasting materials, energy, efforts, money, and time while performing a task. In a more general sense, it is the ability to do things well, successfully, and without waste. In more mathematical or scientific terms, it signifies the level of performance that uses the least ...
Arthur Oswin Austin (1879–1964) was an American electrical engineer and inventor. He is best known as the inventor of the Austin transformer, used to supply power for lighting circuits on radio towers. Austin's work included improvements to radio transmission equipment and the effects of lightning on high-voltage transmission lines and aircraft.
Pornography addiction is the scientifically controversial application of an addiction model to the use of pornography.Pornography may be part of compulsive behavior with negative consequences to one's physical, mental, social, or financial well-being.
0-8126-9069-9. OCLC. 19388655. Dewey Decimal. 323.44 19. LC Class. JC585 .F76 1989. The Machinery of Freedom is a nonfiction book by David D. Friedman that advocates an anarcho-capitalist society from a consequentialist perspective. The book was published in 1973, [1] with a second edition in 1989 and a third edition in 2014.