A Dialogue On The Market System And Pareto Optimization

This mock dialogue on the relationship between Pareto Optimization and the market economy, by Brad DeLong, provides some insights into "value neutral economics" which has a focus on efficiency, and a lack of interest in the maldistribution of the output of the economy. A Pareto Optimum economy is one that does not make someone else better off at the expense of someone else.  It sets the stage for a post below that takes us more deeply into the heart of economic thinking.  I have been getting a bit bored with discussions about the 2012 election and who Mitt Romney will select as his VP candidate.