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The enormous standing of Pareto optimality in welfare economics, as was argued earlier, relates closely to the hallowed position of utilitarianism in traditional welfare economics . If interpersonal comparisons of utility are dropped, but nevertheless utility is regarded as the only thing of intrinsic value, then Pareto optimality would be the natural surviving criterion, since it carries the utilitarian logic as far forward as possible without actually making any interpersonal comparisons of utility. (en) |
