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Pareto Efficiency
Pareto efficiency, or Pareto optimality, is a concept inwith applications in.The term is named after(1848–1923), an Italian economist who used the concept in his studies ofand.In a Pareto efficient economic allocation, no one can be made better off without making at least one individual worse off.Given an initial allocation ofamong a set of , a change to a different allocation that makes at least one individualwithout making any other individual worse off is called a Pareto improvement.An allocation is defined as “Pareto efficient” or “Pareto optimal” when no further Pareto improvements can be made.Purchasing Power Parity
Purchasing power parity(PPP)is a theory which states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.This means that the exchange rate between two countries should equal the ratio of the two countries' price level of a fixed basket of goods and services.When a country's domestic price level is increasing(i.e., a country experiences inflation), that country's exchange rate must depreciated in order to return to PPP.
