I think of the concept of Pareto optimality as being useless because the path between the initial allocation, and a really good allocation, is usually littered with Pareto-optimums that must be broken through to get to the really good allocation. The really-good allocation is itself presumably Pareto-optimal. But you shouldn’t get into the habit of thinking that’s worth much.
Doh! You’re right.
I think of the concept of Pareto optimality as being useless because the path between the initial allocation, and a really good allocation, is usually littered with Pareto-optimums that must be broken through to get to the really good allocation. The really-good allocation is itself presumably Pareto-optimal. But you shouldn’t get into the habit of thinking that’s worth much.