Word: pareto
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Dates: during 1960-1969
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...Like most of my generation, I have had to try to swallow Freud, Pavlov, Marx, and Pareto, as well as the more indigestible lumps which are not books, but experience...I think I have kept to the basic belief of my youth in the rightness--do I really wish to put it as righteousness?--of human reason. You may write me down as born in the eighteenth century and yet not too umcomfortable--not at any rate schizophrenic--in the mid-twentieth...
...fourth philosophical-political assumption masked as an objective economic conclusion relates to the Pareto optimum. At Pareto optimum conditions, nobody can be made "better off" without making another "worse off." When badly stated like this, without six chapters of complex graphs in back of it, it seems rather unimpressive. When recommended as the crowning achievement of the unregulated free market, it comes out as what it obviously is, a debatable political-philosophical conclusion: there should be no income redistribution, which would make someone else better off by making another worse off. The "natural" income distribution is willed by the market...