Simplify the following text for a Grade 9 native English-speaking person.
Original: Pareto efficiency , or Pareto optimality , is a concept in economics with applications in engineering and social sciences . The term is named after Vilfredo Pareto , an Italian economist who used the concept in his studies of economic efficiency and income distribution .
Simplified: The result of this is called Pareto efficiency , named after Vilfredo Pareto , who first used it in his studies .