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THE term "economic improvement" is used in economics to refer to three different but closely related things. A Pareto improvement is a change that makes somebody better off and nobody worse off. A potential Pareto improvement-sometimes referred to as a Kaldor improvement'-is a change that would be a Pareto improvement if combined with a suitable set of cash transfers among those affected. A net improvement in the sense used by Marshall-what I have elsewhere called a Marshall improvement-is a change whose net value is positive, meaning that the total value to those who benefit, measured as the sum of the number of dollars they would each, if necessary, pay to get the change, is larger than the total cost to those who lose, measured similarly. For each definition of improvement we can construct a corresponding definition of efficiency. A situation is (Pareto/Kaldor/Marshall) efficient if it cannot be (Pareto/Kaldor/Marshall) improved. The Paretian definition of improvement is the most convincing, since it involves no interpersonal comparisons, but the least useful, since virtually no changes in the real world are Pareto improvements. The Marshall definition of improvement2 permits plenty of judgments, since many changes can be shown to be improvements in that sense, but it involves an implicit interpersonal comparison of utility that many find philosophically suspect. The potential Pareto criterion appears to combine the best of

Does Altruism Produce Efficient Outcomes? Marshall versus Kaldor