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Simple English definitions for legal terms

Pareto superiority

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A quick definition of Pareto superiority:

Term: Pareto superiority

Definition: Pareto superiority is when an exchange happens that makes someone better off without making anyone else worse off. If this is not possible anymore, it becomes Pareto optimality. Basically, it means finding a way for everyone to be happy without hurting anyone else.

A more thorough explanation:

Definition: Pareto superiority is an economic concept that refers to a situation where an exchange can be made that benefits at least one person without harming anyone else. Once such an exchange is no longer possible, the situation becomes Pareto optimal.

Example: Suppose there are two people, A and B, who each have a certain amount of money. A has $100 and B has $50. A is willing to pay $75 for a rare book that B owns, and B is willing to sell it for $60. If A buys the book from B for $60, both parties benefit. A gets the book he wants and B gets $60, which is more than the book is worth to him. This is an example of Pareto superiority because the exchange benefits both parties without harming anyone else.

Another example of Pareto superiority is when a company hires a new employee who is more productive than the previous one. The new employee benefits from the job, and the company benefits from the increased productivity. No one else is harmed by this exchange.

In both examples, the exchange benefits at least one person without harming anyone else, making it an example of Pareto superiority.

Pareto optimality | pari causa, in

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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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