Vilfredo Pareto's Principle of Compensation

Murray Kemp

A chapter in International Trade and Economic Dynamics, 2009, pp 525-532 from Springer

Abstract: Pareto proposed his well-known Principle of Compensation in 1894. However, a debate is still active concerning Pareto's own interpretation of the Principle. Did he mean that compensation should be hypothetical (feasible but not necessarily carried out) or should be carried out? It is here argued, against views to the contrary, that Pareto had in mind, the second alternative.

Keywords: Welfare Economic; Social Utility; Policy Compensation; Nash General Equilibrium; Social Choice Welfare (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-540-78676-4_34

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DOI: 10.1007/978-3-540-78676-4_34

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