June 2013
Beginner
712 pages
31h 49m
English
Content preview from Routledge Dictionary of Economics, 3rd Edition
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X
X-efficiency (D4)
LEIBENSTEIN’S concept of efficiency that rejects the technical efficiency notion of profit maximizing and cost minimizing. He argued that individual workers are free to choose their effort level and interpret their own jobs. The equilibrium position for a firm will be when every individual is in his or her ‘inert area’, an effort point which, if moved away from, would reduce utility. This level of ‘efficiency’ and associated cost is comfortable for a firm’s individuals. Prices are fixed using conventional formulae.
References
Leibenstein, H. (1976) Beyond Economic Man: A New Foundation for Macroeconomics, Cambridge, MA: Harvard University Press.
—— (1978) General X-Efficiency Theory and Economic Development, New York and ...
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