Pareto Optimality

Started by anarchore, May 15, 2010, 06:50:35 PM

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anarchore

Pareto Optimality - Seeking to create the best outcomes for all in society.

http://en.wikipedia.org/wiki/Pareto_efficiency

QuotePareto efficiency, or Pareto optimality, is a concept in economics  with applications in engineering and social sciences. The term is named after Vilfredo Pareto, an Italian economist who used the concept in his studies of economic efficiency and income distribution. Informally, Pareto efficient situations are those in which it is impossible to make one person better off without necessarily making someone else worse off.
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http://www.youtube.com/watch?v=LmSt1oEIshE