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Pareto Efficiency

Briefly discuss the concept of Pareto efficiency. Pareto efficiency, or Pareto optimality, is an economic state where resources cannot be reallocated to make one...

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Real Price

“The Real Price of everything, what everything really costs to the man who wants to acquire it, is the toil and trouble of acquiring it.”

Adam Smith

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Adam Smith

Adam Smith (1723-1790) Adam Smith was a philosopher and economist who is best known for his classic work “An Inquiry into the Nature and Causes of the Wealth of Nations”...

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