X-Inefficiency.
OECD, Statistics Portal, Glossary of Statistical Terms: “In the Wealth of Nations published in 1776, Adam Smith observed that ‘Monopoly … is a great enemy to good management.’ This insight explicitly recognized that the problem of monopoly is not only one of price but also one of costs. While monopoly may provide the basis for extracting higher prices from customers, the lack of competitive stimulus may raise the costs of producing the goods and services it sells. The lack of incentives or competitive pressures may lead monopolistic firms to neglect minimizing unit costs of production, i.e., to tolerate “X-inefficiency” (phrase coined by H. Leibenstein). Included in X- inefficiency are wasteful expenditures such as maintenance of excess capacity, luxurious executive benefits, political lobbying seeking protection and favourable regulations, and litigation.”
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We are a Toronto based competition and advertising law firm offering business and individual clients efficient and strategic advice in relation to competition/antitrust, advertising, Internet and new media law and contest law. We also offer competition and regulatory law compliance, education and policy services to companies, trade and professional associations and government agencies.
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Templates/precedents and checklists to run promotional contests in Canada
Templates/precedents and checklists to comply with Canadian anti-spam law (CASL)
