Leibenstein H. Allocative efficiency vs. “X-efficiency.” Amer. Econ. Rev. 56:392-415, 1966
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چکیده
X.efficiency theory challenges the maximization postulate of standard economic theory. This paper shows that X-inefficiency is. at times, as much as 30 times greater than allocative inefficiency and suggests reasons for the existence of X-inefficiency—-i.e., (a) incomplete employment contracts, (b) discretionary effort, and (c) nonmaximization of profits. [The Social Sciences Citation Index® (SSCI®) indicates that this paper has been cited in over 270 publications since 1966. This paper is the 4th most cited in this journal, 1969-80.1
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‘X-Efficacy’ vs X-Efficiency
I want to argue that, whatever some might think, Leibenstein was not so much a mad uncle in the Harvard faculty’s attic (e.g. Stigler 1976 cf. Holden 2005), but rather a brilliant evolutionary economist struggling to escape. My point is that the non-allocative concept of X-efficiency only makes consistent analytical sense in an evolutionary and complex systems theory-based evolutionary framewor...
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