Pareto efficiency
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What is Pareto efficiency? Why do economists use this criterion for comparing alternative economic systems?
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The solution explains what Pareto efficiency is and why economists use this criterion for comparing alternative economic systems.
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(Source: http://www.campusprogram.com/reference/en/wikipedia/p/pa/pareto_efficiency.html )
We call an allocation of resources as Pareto efficient if there is no way that some individual can be made better off without making any other individual worse off. A change that can make at least one individual better off, without making any other individual worse off is ...
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