From the Toronto Star
Well, well, well........just hope that Tory will not end up like Day.
On the other hand, we all know who the Star is supporting.
posted by X at 3:17 p.m.
X-Efficiency
Comments are welcome at X.Efficiency@gmail.com
Saturday, September 08, 2007
Well, well, well........just hope that Tory will not end up like Day.
On the other hand, we all know who the Star is supporting.
What is X-Efficiency?
- "A monopolist may be X-inefficient either because it does not have an incentive to be more efficient due to lack of competition or it does not have the opportunity to observe and learn from other more efficient firms in the industry. In an industry high profits may imply high prices due to x-inefficiency. However, excess profits do not necessarily mean that consumers are paying higher prices. And, lack of excess profit does not necessarily indicate competition or cost efficiency." Leibenstein, Harvey. 1966. "Allocative Efficiency vs. 'X-Efficiency'," American Economic Review 56, (June), pp. 392-415
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1 Comments:
Tory needs to read that piece by Tom Flanagan in the G&M last weekend.
Man, I never thought I'd ever recommend anything by Tom Flanagan to anybody, but these are the crazy topsy-turvy times in which we live, eh? Old Reformers preaching moderation, old PCers talking creationism.
What's next? Peter Mackay does something honourable or Maurice Vellacott says something intelligent? ;-)
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