Noun
English Wikipedia has an article on:Pareto optimalityWikipedia
Pareto optimality (uncountable)
An allocation of resources such that no other allocation makes any one individual better off without making another worse off
The price-tax conditions necessary to sustain the Pareto optimality of a competitive market solution under the assumed convexity conditions are tantamount to standard Pigovian rules, with neither taxes imposed upon, nor compensation paid to, the victims of externalities. William J. Baumol