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X

In: The Dictionary of Modern Economics

Author

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  • David W. Pearce

Abstract

X-efficiency. A situation in which a firm’s total costs are not minimized because the actual output from given inputs is less than the maximum feasible level. This outcome is also termed a situation of ‘technical inefficiency’. X-efficiency is a direct function of monopoly or market power in which competitive pressures are weakened. The term was originally applied to the manager-worker relationship but can be extended to deal with the manager-owner relationship. (See Separation of Ownership and Control.)

Suggested Citation

  • David W. Pearce, 1983. "X," Palgrave Macmillan Books, in: David W. Pearce (ed.), The Dictionary of Modern Economics, pages 479-479, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-17125-5_24
    DOI: 10.1007/978-1-349-17125-5_24
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