Must-Read: John Quiggin: The Most Misleading Definition in Economics (Draft Excerpt from Economics in Two Lessons): “‘Pareto optimal’ is arguably, the most misleading term in economics… …Pareto sought to undermine the utilitarian version of liberalism that dominated 19th century economics, according to which the optimal (most desirable) economic outcome was the one that contributed most … Continue reading Must-Read: John Quiggin: The Most Misleading Definition in Economics (Draft Excerpt from Economics in Two Lessons)