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Paperback, 2011 --  

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"Palda offers a novel and interesting perspective on ideas familiar to economists but which are not widely shared.This perspective will surely broaden the understanding of the political economy in which we live." James M. Buchanan, Nobel Prize economics 1986 Did you ever want to understand why some societies are prosperous and peaceful while others live in a torment of discord and poverty? In this ground-breaking book Filip Palda, Ph.D. in economics from the University of Chicago, the school that has produced the most Nobel Prize winners in economics, explains in a clear and engaging manner for non-experts and economists alike why economics is the science of peace and prosperity and why these twin goals of every society are based on the Principle of Pareto efficiency. This is the first guide for the layperson to understanding how politics and economics unite to give us the recipe for success and to provide the warning signs of disaster. Every page provides rich insights into the economics of taxation, the economics of politics (so called Public Choice theory), game theory, and many other parts of economics and delves into important historical episodes to illustrate why Pareto-efficiency is the only feasible route to peace and prosperity. The book is intended for anyone with an interest in understanding economics.

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1 of 1 people found the following review helpful
5.0 out of 5 stars About a Fundamental Principle in Economics April 29 2012
By Humble
Format:Paperback
I found Pareto's Republic a very useful, novel, insightful and interesting book. It is compact, well organized and written for a large audience ' both for persons unfamiliar with sophisticated economic ideas and for experts in politics and economics, specifically in public choice and public finance.

Pareto's Republic pays tribute to the principle of Pareto-efficiency, which essentially says disagreements over the use of a property (physical or intellectual) can be resolved in ways that no one is made worse off and at least one person is made better off. Once people have exhausted all Pareto improvements possible, they have attained a state of Pareto Efficiency, and perhaps a state of Pareto Optimality.

The book offers some historical background to several fundamental ideas and prescriptions in economics (applied on a daily basis) that are rooted in the application of the Pareto Principle (PP). The book recognizes that conflicts often occur over how resources are or could be used and argues that the PP offers guidance on how to mitigate and sometimes completely resolve conflicts.

Many advanced economics theories and ideas are built on the foundations of the PP, which we take for granted or are unaware of. The argument advanced by Palda is focused on the importance of clear and enforceable property rights. Parties with the property rights are then able to use, modify, and transfer their property for optimal (most productive) use. The book does not pretend to suggest or address issues of fairness, which is altogether another subject matter, and Palda is sincere in not over-extending the PP or over-reaching.
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