Pareto Optimal and Pareto Efficient seem similar but I don't understand the difference. What is the difference between these two concepts?
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The terms "Pareto optimal" and "Pareto efficient" mean the same thing.
However, this paper suggests that the term "Pareto optimal" carries a normative connotation, and that economists have shifted towards using the term "Pareto efficient". But that's just an analysis of the use of language, there is no difference in the definition of the two terms.
