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Kerala PSC Indian Economy Book Study Materials Page 621Book's First Page
onomi on epts and erminolo ies 22.55 unemployment allowance) conditional upon bonds are popularly used by the governments to participation in some local work scheme. raise long-term funds. In a situation of rate cut by the RBI, zero-coupon bonds gain value-it means, x-inefficiency they sell at hipher prices. When there is an increase in rate, the opposite happens. A graphic representation of the ‘gap’ a firm shows in its actual and minimum costs of supplying its zero-sum gAme products. As per the traditional theory of supply, firms always operate on minimum attainable A situation in the game theory when the gains costs. As opposed to this, x-inefficiency suggests made by winners in an economic transaction is that firms typically operate at higher costs than equal to the losses suffered by the losers. This is their minimum attainable costs. This takes place considered a special case in game theory. Most due to many inefficiencies (such as organising the economic transactions are in some sense positive- works, lack of co-ordination, lack of motivation, sum games. But in popular discussion of economic bureaucratic rigidities, etc.). Large corporates issues, there are often examples of mistaken zero- usually face this problem as they lack effective sum mentality, such as profit comes at the expense competition which could ‘keep them on their of wages, ‘higher productivity means fewer jobs’, toes’. and ‘imports mean fewer jobs here.’ yielD gAp zero tilling A method of comparing the performance of A relatively new farm production process, is a bonds and shares in an economy. It is defined as one-time operation in which a small drill places the average returns on shares minus the average the seed and the fertiliser in a small furrow, saving returns on bonds. the farmer a lot of time and other resources. At first utilised in Haryana in 1999–2000, by now it zero-coupon bonD has spread to the other wheat growing states like, Punjab, Uttar Pradesh, Uttarakhand, and Bihar A bond bearing zero coupon rate (i.e. no interest) particularly. The technique gives comparatively sold at a price lower than its face value. Investors higher yield (by over 5 per cent) than the book profit when they sell it (at its face value). Such conventional wheat farming.