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Pareto Optimality

In: Welfare Economics

Author

Listed:
  • Yew-Kwang Ng

    (Monash University)

Abstract

The concept of Pareto optimality plays a major part in welfare economics. Many theorems and optimality conditions are formulated with reference to Pareto optimality because the Pareto principle is widely accepted as a value judgment, while judgments that involve interpersonal comparisons of utility are more controversial. However this does not mean that welfare economics has to be based only on the Pareto principle. Indeed theorems and analysis based on ‘extra-Paretian’ principles have been developed. Nevertheless Pareto optimality will continue to be one of the most important concepts in welfare economics, and hence it warrants careful study.

Suggested Citation

  • Yew-Kwang Ng, 2004. "Pareto Optimality," Palgrave Macmillan Books, in: Welfare Economics, chapter 2, pages 26-46, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-4406-1_2
    DOI: 10.1057/9781403944061_2
    as

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