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Pareto optimality of competitive equilibrium

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  • Pareto efficiency — Pareto efficiency, or Pareto optimality, is an important concept in economics with broad applications in game theory, engineering and the social sciences. The term is named after Vilfredo Pareto, an Italian economist who used the concept in his… …   Wikipedia

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  • Criticisms of neoclassical economics — Neo classical economics has come under critique on the basis of its core ideologies, assumptions and other matters. Contents 1 Normative bias 2 Assumptions of rationality 3 Equilibrium theory 4 Incomplete …   Wikipedia

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