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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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honestly some big waves today
starfishies
19:25
congrats tho!
starfishies
19:25
I will live vicariously through you
thanks!!! I'm getting more and more comfortable with the idea of W&L, I'm just an overthinking girl at best so I had to know every angle
starfishies
19:26
so real
where r u thinking starfishies? non public profile so I can only glean off of vibes
starfishies
19:27
I will go public once the cycles officially over!
makes total sense to me
starfishies
19:27
sorry to be mysterious
truly, has god powers and hides behind a veil. a veil with a w&l pin perhaps
no I totally understand anonymity, just trying to spark convo :)
i'm gonna log off and play some oxygen not included, looking forward to refreshing the brainrot tmrw morning
19:39
I'm itchy!
19:51
@starfishies: call her star 404 fishies, bc if u post and she don't like, she gonna wipe ur comment away.
19:52
@Dkk2-TheGayening: Starfish jannied ur comments into the abyss: not sure if crashed out or responded to me. :/ The world may never know...
19:55
hope everyone is doing well. 2l passing thru
20:20
@B-I-N-G-O: since no one else said i will for you - they all use 4.0 but some have A+ and some dont.
20:21
@llama: you can count on one hand the amount of people who care lol
Mostlylegal
20:22
Ah so crashed out to the abyss was the answer
21:12
@seventeen58: Yo congratz, I applied to NUY 2 years ago and they are still working on emailing me back (jk)
21:13
@DigiFartHoe: Yeah man no one cares about me but you, smh thank you for being my rock.
21:43
You got it babe, now blow me\
21:46
@DigiFartHoe: Babe u didn't even @me. :pouting_cat:
22:23
Does anyone actually get into SLS or is it like Finland where it doesn’t actually exist
babycakes
22:31
Kinda funny how people on here think no one is getting into Stanford or nyu but when I go to admitted students day at any other t14 1 out of any 5 given students has gotten into one or both of those schools
RiseAbove
1:33
Interesting. I’ve had the opposite experience. The only place I’ve met SLS current or future students was at SLS
RiseAbove
1:33
And they were current students. Still yet to encounter an admit
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