Pareto's compensation principle

Murray Kemp and Paul Pezanis-Christou

Social Choice and Welfare, 1999, vol. 16, issue 3, 444 pages

Abstract: Pareto is sometimes credited with an early formulation of the ill-fated Hicks or Kaldor principles of hypothetical compensation. The basis for this claim is Pareto's 1894 article "Il massimo di utilitÁ dato dalla libera concorrenza." However in that paper Pareto argued to the contrary, that in the formulation of economic policy compensation should be a consideration only if it is carried out. Our purpose is to document this claim.

Date: 1999-05-11
Note: Received: 2 October 1997/Accepted: 16 March 1998
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