Limitations of pareto optimality
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Limitations of Pareto Improvement
It makes no judgement about the equality of distribution or overall welfare. A distribution of income could be Pareto efficient, but not maximise overall social welfare. It could involve some resources being wasted – as long as no one feels worse off.
Answered by
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Answer:
Limitations of Pareto Improvement
It makes no judgement about the equality of distribution or overall welfare. A distribution of income could be Pareto efficient, but not maximise overall social welfare. It could involve some resources being wasted – as long as no one feels worse off.
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