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How governments use taxes and spending to provide public services, reduce inequality and address market failures.
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From Public Economics: Market failures and the role of government · Efficiency and the Welfare Theorems
What does the Pareto criterion leave completely unanswered?
- Whether any gains remain untapped
- Whether the distribution is fair
- Whether resources are being wasted
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Answer: Whether the distribution is fair
Pareto efficiency only rules out waste; very equal and very unequal outcomes can both be efficient, so fairness needs a separate judgment.
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