Pareto improvement

Definition

Action that benefits even a single person without harming anyone else. This is possible to implement by utilizing idle resources in the economy or by getting rid of deadweight losses that result in market failures. It cannot be said that perfect efficiency has been achieved if there is scope for even a single Pareto Improvement.

Use Pareto improvement in a sentence

You may want to see if you can figure out a way to make a pareto improvement work for your company.

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If you are looking for new things to try out you may want to see if a pareto improvement can work for you.

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They made some pareto improvement and that was good because that meant it would not harm anyone else and would help a single person.

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