pareto efficiency in economics
Pareto efficiency in economics refers to a state where resources are allocated in a manner where it is impossible to make any individual better off without making someone else worse off. It signifies an optimal allocation that maximizes overall welfare or benefits within a given system or economy.
Requires login.
Related Concepts (1)
Similar Concepts
- pareto criterion
- pareto distribution
- pareto dominance
- pareto efficiency in cost-benefit analysis
- pareto efficiency in decision making
- pareto efficiency in engineering
- pareto efficiency in environmental economics
- pareto efficiency in game theory
- pareto efficiency in market equilibrium
- pareto efficiency in public policy
- pareto efficiency in resource allocation
- pareto efficiency in social welfare
- pareto efficiency in trade-offs
- pareto improvement
- pareto optimal allocation