Search results
Results from the WOW.Com Content Network
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 This inefficiency is a result of various factors such as outdated technology, inefficient production processes, poor management and lack of competition resulting ...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 ...
Principles of Economics[1] is a leading political economy or economics textbook of Alfred Marshall (1842–1924), first published in 1890. [2][3] It was the standard text for generations of economics students. Called his magnum opus, [4] it ran to eight editions by 1920. [5] A ninth (variorum) edition was published in 1961, edited in 2 volumes ...
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]
Efficiency. 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 ...
Informal economy: Haircut on a sidewalk in Vietnam. An informal economy (informal sector or grey economy) [1][2] is the part of any economy that is neither taxed nor monitored by any form of government. Although the informal sector makes up a significant portion of the economies in developing countries, it is sometimes stigmatized as ...
By country or region. Comparisons. v. t. e. Z-Library (abbreviated as z-lib, formerly BookFinder) is a shadow library project for file-sharing access to scholarly journal articles, academic texts and general-interest books. It began as a mirror of Library Genesis, but has expanded dramatically. [6][7]
In microeconomic theory, productive efficiency (or production efficiency) is a situation in which the economy or an economic system (e.g., bank, hospital, industry, country) operating within the constraints of current industrial technology cannot increase production of one good without sacrificing production of another good. [ 1 ]