"Any criterion for allocating an economy’s resources at
“unity”, where re-allocation of resources cannot improve conditions for
one person or group, without worsening conditions for others." Source: http://bit.ly/1UTP9CV
Pareto optimum
"Conditions under which the state of economic efficiency
(where no one can be made better off by making someone worse off)
occurs. Also called Pareto optimal or Pareto optimality." - http://bit.ly/1mvn49t
Bibliography
Deaton, Angus. The great
escape : health, wealth, and the
origins of inequality. Princeton University Press. 2013.
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