Abstract
The concept of Pareto optimality plays a major part in welfare economics. Many theorems and optimality conditions are formulated with reference to Pareto optimality because the Pareto principle is widely accepted as a value judgment, while judgments that involve interpersonal comparisons of utility are more controversial. However this does not mean that welfare economics has to be based only on the Pareto principle. Indeed theorems and analysis based on ‘extra-Paretian’ principles have been developed. Nevertheless Pareto optimality will continue to be one of the most important concepts in welfare economics, and hence it warrants careful study.
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