Pareto Optimum

Pareto Optimum (or Pareto efficiency): A standard ideal of philosophical and economic rationality in which no-one can be made better off without making someone else worse based on pure-type dyadic exchanges of private assets in vacuo.

Source: ‘What is Good? What is Bad? The Value of All Values across Time, Place and Theories’ by John McMurtry, Philosophy and World Problems, Volume I-III, UNESCO in partnership with Encyclopedia of Life Support Systems: Oxford, 2004-11.