Indeed. Pareto optimality is a necessary condition for an “ideal” society. Economists often make the mistake of thinking pareto optimality is a sufficient condition for this, which it is not: it’s pareto optimal if I have everything and don’t much want to part with any of it.
Indeed. Pareto optimality is a necessary condition for an “ideal” society. Economists often make the mistake of thinking pareto optimality is a sufficient condition for this, which it is not: it’s pareto optimal if I have everything and don’t much want to part with any of it.