When people are made better off without making others worse off, the total well-being of society improves.

Question

Quizplus · Accepted Answer

This statement is a basic principle of economic theory known as the Pareto efficiency or Pareto optimality. It states that if an action or policy can make some individuals better off without making others worse off, it is a desirable outcome that increases the overall well-being of society.

When People Are Made Better Off Without Making Others Worse