What concept is Pareto best known for in economics?
Pareto efficiency
Smith's ratio
Keynesian demand
Fisher's index
Answer
Pareto efficiency, named after the Italian economist Vilfredo Pareto, is a concept that describes a situation in which it is impossible to improve the well-being of one individual without harming another. In other words, it is a state of optimal resource allocation where no one can be made better off without making someone else worse off.
Mastering Pareto: Exploring the Legacy of Vilfredo Pareto in Sociology and Economics
More Questions
What principle is named after Vilfredo Pareto?
According to Pareto, what percentage of Italy's wealth was owned by 20% of the population?
What type of distribution did Pareto discover in income?
Besides economics, which other field did Pareto contribute to?
What term did Pareto popularize in social analysis?
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