TL;DRAbstract
Since the very beginning, the study of economics has served two purposes, though economists are not always conscious of this duality. One concerned the problem of how in a de-centralised, “undirected” market economy, scarce resources are allocated among different uses in the right proportions – in the proportions in which they give the highest satisfaction to consumers as a body – in a specific Pareto sense that no one could be better off with any alternative allocation, without making someone else worse off.
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Since the very beginning, the study of economics has served two purposes, though economists are not always conscious of this duality. One concerned the problem of how in a de-centralised, “undirected” market economy, scarce resources are allocated among different uses in the right proportions – in the proportions in which they give the highest satisfaction to consumers as a body – in a specific Pareto sense that no one could be better off with any alternative allocation, without making someone else worse off.
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