Thursday, October 18, 2012

Chris Dillow — Jungles, Matches & Optimality

What I'm edging towards here is a point made (pdf) - in a different context - by Amartya Sen, that Pareto optimality isn't as great an ideal as economists think.If you can't abolish slavery without making slave-owners worse off, then slavery is Pareto optimal.
Stumbling and Mumbling
Jungles, Matches & Optimality
Chris Dillow | Investors Chronicle (UK)

No comments: