After three years of a bloody and frustrating war, the United States, the People's Republic of China, North Korea, and South Korea agree to an armistice, bringing the fighting of the Korean War to an end. The armistice ended America's first experiment with the Cold War concept of “limited war.”
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Pareto efficiency, or Pareto optimality, is an economic state where resources cannot be reallocated to make one individual better off without making at least one individual worse off. Pareto efficiency implies that resources are allocated in the most economically efficient manner, but does not imply equality or fairness. An economy is said to be in a Pareto optimum state when no economic changes can make one individual better off without making at least one other individual worse off.
Pareto efficiency, named after the Italian economist and political scientist Vilfredo Pareto (1848-1923), is a major pillar of welfare economics. Neoclassical economics, alongside the theoretical construct of perfect competition, is used as a benchmark to judge the efficiency of real markets—though neither perfectly efficient nor perfectly competitive markets occur outside of economic theory.
Studying history helps us understand and grapple with complex questions and dilemmas by examining how the past has shaped (and continues to shape) global, national, and local relationships between societies and people.
