Some of the fundamental tenets of conventional economic wisdom, which have had a profound impact on public policy, are challenged in this book. These precepts include the affirmation that low wages are more beneficial that high wages to the process of growth and development; convergence in terms...

Critical contribution were made by Harvey Leibenstein to the theory of the firm through his development of efficiency wage and X-efficiency theories. Leibenstein focused and nuanced attention to incentives, individual and micro-micro motivations, and competitive pressures in determining...