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A comment on Cheap oil is taking shipping routes back to the 1800s. Parent comment

Re:Cheap oil is taking shipping routes back to the 1800s by davidw on Friday March 04, 2016 @07:34PM (#11227806)
> The definition of efficient in economics is roughly "It's not possible to make anyone better off without making someone else worse off"

That's a terrible definition, because a lot of the economy is not a zero sum game, and it's hard enough as it is to break people out of that kind of thinking.

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Re:Cheap oil is taking shipping routes back to the 1800s by gozur88 on Friday March 04, 2016 @09:51PM (#11228205)
Beyond the macroeconomics, two people will not agree on a price unless in doing so they'll both be better off in some way.
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Re:Cheap oil is taking shipping routes back to the 1800s by eru on Friday March 04, 2016 @11:09PM (#11228374)
Oh, dmm is just defining pareto efficiency. Said in a more positive light: `a situation is pareto efficient if all mutually beneficial transactions have been done.' (And thus in dmm's words, only the non-mutual beneficial ones remain.)
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