Micro- and Macroeconomic Models and Optimization Procedures

Sándor Karajz ()
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Sándor Karajz: University of Miskolc

Theory Methodology Practice (TMP), 2013, vol. 9, issue 01, 49-55

Abstract: The conventional economics lies on the fundamental assumption of neoclassical welfare economics according to which the primarily aim of economics is to achieve Pareto optimal conditions. Pareto optimum has two meanings: if Pareto optimum means Pareto norms, it reflects relevant conditions for economic policy. If Pareto optimum is linked with marginal analysis when a determined fictitious economic optimum is sought for in a perfect competition situation, it an instrument used for formal analytical analysis. According to this allocation of resources or the volume of production is optimal if there is a situation in which it is possible to make any individual better off without making someone else worse off.

JEL-codes: B41 F01 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:mic:tmpjrn:v:9:y:2013:i:01:p:49-55

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