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Pareto optimality
This term originates from welfare economics and describes a specific equilibrium where resource allocation is maximized in terms of efficiency. It does not imply fairness or social equity; a situation where one person owns everything while others have nothing can technically be Pareto optimal if taking anything from the owner would make them worse off.
In professional and academic discourse, the term is used to distinguish between efficiency and optimality. A move toward a Pareto optimal state is often referred to as a Pareto improvement, meaning at least one person gains without anyone else losing.
Meanings
A state of allocation of resources from which it is impossible to make any one individual better off without making at least one other individual worse off.
The economist argued that the current distribution of wealth had reached a state of Pareto optimality.
Examples
The professor explained that pareto optimality occurs when no one can be made better off without making someone else worse off.
School Life
We have reached a state of pareto optimality in our resource distribution.
Business
Business
The goal of the negotiation was to move the agreement toward pareto optimality.
Business
none
The textbook defines pareto optimality as a condition of maximum economic efficiency.
School Life
If we are at a point of pareto optimality, any further gain for the company will hurt the employees.
Business
The analyst argued that the current allocation lacks pareto optimality because a Pareto improvement is still possible.
Business