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X-inefficiency

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 This inefficiency is a result of various factors such as outdated technology, inefficient production processes, poor management and lack of competition resulting in lower profits and higher prices for consumers. The concept of X-inefficiency was introduced by Harvey Leibenstein. The difference between the potential and actual cost is known as X-Inefficiency. In normal instances, a firm could have an average cost curve at potential AC, however due to inefficiency, its actual average costs are higher.

in 1966, Harvard University Professor Harvey Leibenstein first introduced the concept of X-inefficiency in his paper "Allocative Efficiency vs. X- Efficiency", which was published in American Economic Review. X-Inefficiency refers to a firm's inability to fully utilize its resources, resulting in an output level that falls short of the maximum potential achievable given the resources and environment which is referred to as the efficiency frontier.

More so, X-inefficiency focuses on the importance of competition and innovation in promoting efficiency and reducing costs for firms, followed by higher profits and better output and prices for consumers.

X-inefficiency pin out irrational actions performed by firms in the market.

Overview
The difference between the actual and minimum cost of production for a given output produces X-inefficiency.

Companies will incur X-Inefficiency as a result of lack of motivation to control its costs, which brings the average cost of production exceeds costs actually required for production. For example, the company have a potential potential cost curve. However, due to the lack incentive to motivate on control costs, the company's actual cost curve is at a higher position compared to the potential cost curve.

The phenomenon of X-inefficiency is in relation to the allocation of effort, especially the managerial effort.

Mainstream economic theory tends to assume that the management of firms act to maximize profit by minimizing the inputs used to produce a given level of output.

Competition energizes firms to seek productive efficiency gains and produce at lowest unit costs or risk losing sales to more efficient rivals. With market forms other than perfect competition, such as monopoly, productive inefficiency can persist, because the lack of competition makes it possible to use inefficient production techniques and still stay in business. In addition to monopoly, sociologists have identified a number of ways in which markets may be organizationally embedded, and thus may depart in behavior from economic theory.

Organizational slack occurs when firms opt to employ more resources than are needed to produce a given level of output. Unused capacity results in X-inefficiency. Organizational slack can be explained by the principal-agent problem. In companies ownership and management are separate. Shareholders (the principal) elect directors (the agent) to act on their behalf and maximize shareholder value. Managers may take decisions that maximize their own and not shareholder objectives e.g. hiring extra staff to reduce manager workloads. This increases unit costs.

X-inefficiency only looks at the outputs that are produced with given inputs. It doesn't take account of whether the inputs are the best ones to be using, or whether the outputs are the best ones to be producing. For example, a firm that employs brain surgeons to dig ditches might still be X-efficient, even though reallocating the brain surgeons to curing the sick would be more efficient for society overall. In this sense, X-inefficiency focuses on productive efficiency and minimising costs rather than allocative efficiency and maximising welfare. For more extensive discussions, see Sickles and Zelenyuk (2019, p. 1-8, 469) and references therein.

Arguments about X-inefficiency
Based on the assumption that the non-trade output of the firm is zero, Leibenstein argues that the X-inefficiency results from the lack of motivation of the resource owners to produce less than the maximum technical output of the trade goods. Leibenstein also argued that sometimes firms are not maximising their profits because there may be a certain level of efficiency, considering the human element which introduced by Leibenstein

Causes to X-inefficiency
Monopoly Effect - A monopoly is a price maker in that its choice of output level affects the price paid by consumers. Consequently, a monopoly tends to price at a point where price is greater than long-run average costs. X-inefficiency, however tends to increase average costs causing further divergence from the economically efficient outcome. The sources of X-inefficiency have been ascribed to things such as over investment and empire building by managers, lack of motivation stemming from a lack of competition, and pressure by labor unions to pay above-market wages.

Suggested by Bergsman, The sum of X-inefficiency and monopoly returns is much larger than costs of mis-allocation.

In reality, industries with strong monopoly capacity will be more restricted by legal regulations. These regulations can impose competitive pressure on companies and prevent the industry turning into a true monopoly. Meanwhile, these artificial pressure of regulations can induce competitive pressure to companies, thus improving X-inefficiency.

When a particular market lacks competition, companies that are monopoly would have incentive to increase their prices to in order to make super-profits. In addition, the low pressure from having no competition would lead to difficulty controlling costs resulting in potential inefficiencies.

Government Effect - A state owned firm may not be operating to make profit, therefore it would have no incentive to cut costs.

Principal Agent Effect- Shareholders typically have a primary goal of maximizing profits and reducing costs, managers and employees may opt to have different priorities for example they may seek to keep costs low up to a point of maintaining job security, but allow costs to increase if it means improving the quality of their work experience.

Motivation Effect- Workers and managers may be demotivated to work diligently. This arises from various factors such as strained industrial relations, As a result employees may purposefully take extended breaks and not exert their best effort in order to increase profitability.

Measurements of X-inefficiency
Cost Efficiency Analysis - To analyze the efficiency of firms or organizations in a particular industry or sector, a technique called cost frontier analysis is utilized. This involves approximating the minimum cost required to produce a specific level of output, which serves as the cost frontier. Companies that incur costs exceeding the frontier are deemed inefficient. Statistical methods are utilized in cost frontier analysis to estimate the frontier and gauge the extent of inefficiency within the firms.

Data Envelopment Analysis (DEA) - is a technique that does not rely on assumptions or preset parameters, and is used to assess the relative effectiveness of companies or groups. It evaluates how well firms use various inputs and outputs, and determines the highest level of efficiency attainable with the available resources. Ineffective firms are those that do not achieve this maximum level of efficiency.

Stochastic frontier analysis: - is a method that requires the estimation of a production function that focuses the unpredictable fluctuations in both inputs and outputs. The resulting result is then utilized to determined the efficiency of individual firms. When using this approach, any company that operates below the estimated level of efficiency is considered inefficient.

Solutions of X-inefficiency
Government Regulation - Rules and regulations set by the government on firms can enhance market efficiency. Studies by Sappington and Stiglitz (1987) show that regulations can address market failures such as information asymmetry, externalities and natural monopolies thus reducing x-inefficiency. Removing Barriers to entry for new companies can force existing companies to operate more efficiently to stay competitive.

Antitrust Laws - The main goal of antitrust laws is to foster competitions and hinder the establishment of monopolies. In their paper, Hovenkamp et al. (2011), examine the function of antitrust laws in advancing economic effectiveness through the deterrence of anti-competitive actions, including but not limited to, price-fixing, bid-rigging, and exclusive dealing.

Some solutions to X-inefficiency include increasing competition in the market, implementing better management practices, and improving employee motivation and training. Implementing better management practices aid in the reducing x-inefficiency. For example lean management method concentrate on minimizing waste and increasing efficiency. Technology plays an important role in streamlining processes and lowering labor expense.

Another Approach of minimizing x-inefficiency involves Management input. Enhancing employee motivation and training - to help employees acquire the expertise and knowledge for optimal performance, can lower wastage, improve efficiency and productivity. Companies could offer rewards and incentives to employees that bring new innovative manufacturing process aimed at boosting efficiency and reducing waste.

Conclusion
In conclusion, X-inefficiency refers to the inefficiencies within a company that result in higher production costs than necessary for a given output. These inefficiencies can stem from a variety of factors, including outdated technology, inefficient production processes, poor management, and a lack of competition. X-inefficiency underscores the importance of competition and innovation in fostering efficiency, which can reduce costs for companies, resulting in increased profits and better output and prices for consumers. However, X-inefficiency only focuses on productive efficiency and minimizing costs, not on allocative efficiency and maximizing welfare. Industries with strong monopolistic power, government-owned firms, and principal-agent problems are particularly prone to X-inefficiency. By addressing these underlying causes, firms can enhance efficiency and lower costs, which can benefit both the firm and the broader economy.

title: X-inefficiency


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Talk:Human Torch (android)

Synthetic relatives
Professor Phineas T. Horton, Adam II and the Gremlin (revealed in the Vision Icon series to have been created during the 1940s) should all be listed as relatives. Kevingarcia 04:22, 26 January 2006 (UTC)
 * Done and done. Cybertooth85 22:54, 31 March 2006 (UTC)
 * Relatives? For an android? You gotta be kidding... —Lesfer (talk/mail) 12:50, 12 April 2006 (UTC)
 * Calling them "relatives" is a matter of science fiction convention, also reinforced by the use of the term in official Marvel publications. Oh, and there's another brother I forgot: Volton. Although not originally a Marvel property, he is now part of Marvel Canon. - Kevingarcia 19:13, 18 May 2006 (UTC)

Also, Phineas Horton talked about the Vision as his son. In Avengers 135, he told the Torch that he was not the marrying kind, but had wanted to have offspring, and created the Torch to fill that need. This was as close as a 1970s comic book could come to identifying a character as gay. - Anon.135

 * This is mere speculation and has no basis in fact. It is actually possible to not want to marry and still have a desire for children. There is no evidence that Horton was gay.

72.42.186.94 (talk) 01:35, 24 June 2011 (UTC)

Copyvio?
This page looks good, but it is so well written that I suspect it has been lifted from a copyrighted source. Can anyone confirm or disprove this? If it's not, it needs to be wikified (I wanted to see if it was copyrighted before I went to the effort). —Frecklefoot 15:23, 13 Aug 2003 (UTC)

 * The article was originally created by User:209.179.230.140. Googling phrases in the article turns up nothing but Wikipedia mirrors, so it seems legitimate and not a copyvio. —Lowellian (talk) 06:28, Jun 13, 2005 (UTC)

Jim Hammond
Jim Hammond previously redirected here. I have now created a page for the footballer of this name. Anyone wishing to add a link here from that page (with explanation) should do so.
 * Ahkayah cuarenta y siete 14:02, 19 October 2005 (UTC)

 * Just did it. Thanks for telling us. :-) (Stephen Day 23:03, 23 December 2005 (UTC))

Image copyright problem with Image:YoungMen25.jpg
The image Image:YoungMen25.jpg is used in this article under a claim of fair use, but it does not have an adequate explanation for why it meets the requirements for such images when used here. In particular, for each page the image is used on, it must have an explanation linking to that page which explains why it needs to be used on that page. Please check

 * That there is a non-free use rationale on the image's description page for the use in this article.
 * That this article is linked to from the image description page.

This is an automated notice by FairuseBot. For assistance on the image use policy, see Media copyright questions. --10:47, 5 November 2008 (UTC)

 * So why didn't someone go in a rework the use rational for this image, instead of allowing betacomandbot jr. to kick down the barn? The current image from an Avengers comic is inappropriately modern for an article about a golden age character.--Drvanthorp (talk) 18:21, 28 August 2009 (UTC)

Requested move 16 January 2016

 * The following is a closed discussion of a requested move. Please do not modify it. Subsequent comments should be made in a new section on the talk page. Editors desiring to contest the closing decision should consider a move review. No further edits should be made to this section.

The result of the move request was: not moved. There is a consensus this article is not primary topic. Jenks24 (talk) 05:06, 24 January 2016 (UTC)

Human Torch (android) → Human Torch – Given the character is the original version of who bears the name "Human Torch," it should be rename while other should also be rename as "Human Torch (Johnny Storm)". NeoBatfreak (talk) 20:10, 16 January 2016 (UTC)
 * Comment is there really a primary topic among Human Torch (disambiguation) ? In ictu oculi (talk) 07:31, 17 January 2016 (UTC)
 * Oppose move dab over base line. In ictu oculi (talk) 09:06, 17 January 2016 (UTC)

 * Comment per Dicklyon at the other discussion at Talk:Human Torch, this is a badly formatted multimove request -- 70.51.44.60 (talk) 10:11, 17 January 2016 (UTC)
 * Oppose the base name should be a disambiguation page, move Human Torch (disambiguation) there -- 70.51.44.60 (talk) 10:11, 17 January 2016 (UTC)
 * Oppose. This is a badly formatted request - but, also, the later character is far better known. This one is not the primary topic. 64.105.98.115 (talk) 11:18, 18 January 2016 (UTC)
 * Oppose. On top of what's already been said, being first does not make something a primary topic. Egsan Bacon (talk) 19:19, 20 January 2016 (UTC)

 * The above discussion is preserved as an archive of a requested move. Please do not modify it. Subsequent comments should be made in a new section on this talk page or in a move review. No further edits should be made to this section.

Requested move 22 November 2016

 * The following is a closed discussion of a requested move. Please do not modify it. Subsequent comments should be made in a new section on the talk page. Editors desiring to contest the closing decision should consider a move review. No further edits should be made to this section.

The result of the move request was: NO consensus to move — Amakuru (talk) 10:59, 8 December 2016 (UTC)

Human Torch (android) → Human Torch (Timely Comics character) – I previously requested the article to be renamed as "Human Torch", but it is opposed. However, I now think it may be possible to rename the article to Human Torch (Timely Comics character) to help better differentiate between the original character (who was published by Marvel Comics' predecessor company Timely Comics) and his modern counterpart Johnny Storm. NeoBatfreak (talk) 19:47, 22 November 2016 (UTC) --Relisting. George Ho (talk) 05:47, 1 December 2016 (UTC)
 * Support per nomination. —Roman Spinner (talk)(contribs) 23:16, 22 November 2016 (UTC)
 * Plus, I don't think the word 'android' was ever necessary. Come to think of it, ÷just put 'Timely Comics character' may work better.--NeoBatfreak (talk) 00:38, 23 November 2016 (UTC)

 * Comment - it's debatable that we should be using Timely at all. While the character clearly did originate with publisher Timely Comics, the character has actually made far more appearances in comics published by Marvel Comics and in related media. BOZ (talk) 03:40, 23 November 2016 (UTC)
 * True, but the character originated from Timely Comics. Another character, Mr. E, used Timely Comics for one.--NeoBatfreak (talk) 07:37, 23 November 2016 (UTC)
 * Oppose The name "Timely" for the publisher in the whole period is a widespread inaccuracy. Also this Human Torch has been used many times in Marvel. Either the current title or Original Human Torch (the disambiguation Marvel has used for him over the years) is much better. Timrollpickering 12:12, 23 November 2016 (UTC)
 * Hmm, how about Human Torch (Carl Burgos character) or Human Torch (Burgos character), similar naming as John Clark (Tom Clancy character) by adding the Burgos' name may help further differentiate with the one created by Stan Lee and Jack Kirby? I am starting to see the point of not using Timely Comics, but using the original character's creator's name should be fine then.--NeoBatfreak (talk) 04:00, 24 November 2016 (UTC)
 * Those are terrible suggestions. Tom Clancy is a well known author, and readers looking for that character will know the writer's name. I doubt many people looking to learn more about this android will know Carl Burgos. Argento Surfer (talk) 21:28, 2 December 2016 (UTC)

 * Oppose The current dab is the easiest to understand - he's always identified in the fiction as an android when he appears. He's not always identified by Timely, his original creator, or Jim Hammond. Argento Surfer (talk) 21:28, 2 December 2016 (UTC)
 * Why not "(fictional android)", Argento Surfer? George Ho (talk) 00:02, 3 December 2016 (UTC)
 * DABs should only be as specific as they need to be. Is there a Human Torch (non-fictional android)? Argento Surfer (talk) 13:22, 5 December 2016 (UTC)

 * The above discussion is preserved as an archive of a requested move. Please do not modify it. Subsequent comments should be made in a new section on this talk page or in a move review. No further edits should be made to this section.

Refimprove and Development Information
This article contains information that is unsourced and either needs to be removed or given proper citations from reliable sources. Information on the character's creation and development is missing from the article and should be added to it with proper citations.--Paleface Jack 03:02, 2 January 2018 (UTC)

Date of birth missing
According to Englehart, I believe the Torch spent 10 years encased in concrete, so if his debut was in 1939, he must have been created in 1929. But I think the precise year must have been stated somewhere, and this is a pretty vital bit of data to be missing from this article. Can someone please correct this oversight? Thetrellan (talk) 21:26, 17 July 2018 (UTC)
 * I'd be happy to make the correction, but you'll need to cite a reliable source first. Argento Surfer (talk) 01:32, 18 July 2018 (UTC)

Copyright status?
I saw somewhere that this character is apparently public domain due to the comic he first appeared in not having copyright renewed. If this is true, should we add this to the page? Στάλιν και παραλλαγή (talk) 14:29, 20 April 2024 (UTC)

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/

authors: Στάλιν και παραλλαγή

title: Talk:Human Torch (android)


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Strela

Strela (Стрела, arrow) may refer to:

Anti-aircraft missiles

 * 9K31 Strela-1, a.k.a. SA-9 Gaskin
 * 9K32 Strela-2, a.k.a. SA-7 Grail
 * 9K34 Strela-3, a.k.a. SA-14 Gremlin
 * 9K35 Strela-10, a.k.a. SA-13 Gopher

Other

 * Strela (crane), a class of Russian-built cargo cranes used on the Mir and the International Space Station
 * Strela (rocket), a Soviet/Russian carrier rocket
 * Strela (satellite), a Russian communications satellite constellation
 * Strela computer, the first mainframe computer manufactured serially in the Soviet Union

Places

 * Strela (mountain), in Switzerland
 * Střela, a river in the Czech Republic
 * Klikawa (river), also called Střela, a river in Poland and the Czech Republic

Other uses

 * Strela (beer), a Cape Verdean beer
 * Strela candy, a confectionery in the Commonwealth of Independent States

title: Strela


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Bandhu

Bandhu (1), Sanskrit for friend, connected with bandhana or ties, which are the connections that, according to the Vedas, link the outer and the inner worlds. Vedic texts speak, for example, of the 360 bones of the fetus that fuse into the 206 bones of the adult (after the 360 days of the year).

As per Dharma traditions, 'Bandhutva' exists in all planes/fields, connecting them together. Few noteworthy fields are Nrittya (Dance), Sangeeta (Music), Jyotishya (Astrology), Vastu-Shastra, Yoga, and Ayurveda (Medicine).

title: Bandhu