Emerging cyber-physical systems increasingly operate under stringent communication constraints that preclude reliable transmission of all available machine-type data. Motivated by this challenge, goal-oriented semantic communication advocates a minimalist design principle: transmit only what is necessary to achieve the system's goal. In this work, we formulate optimal semantic communication design as a bi-objective Markov decision process (MDP) that trades off two competing objectives: system performance and communication cost. In contrast to classical approaches that seek to optimize system performance by exhausting a prescribed communication budget, we propose a minimalist design that answers: What is the marginal value of communication, and what is the minimum communication required to achieve the goal? Our approach is based on a Pareto analysis that characterizes the complete set of policies achieving optimal tradeoffs between these two objectives. The value of communication is defined as the absolute slope of the resulting Pareto front. A key result of this paper shows that this front admits a tractable structure: it is convex and piecewise linear, and its corner points correspond to simple deterministic policies. The entire front can be constructed by mixing the deterministic policies at neighboring corner points. Leveraging these geometric properties, we introduce SPLIT, an efficient and provably optimal algorithm for computing the Pareto front. Numerical results demonstrate the efficiency of SPLIT, the diminishing returns of over-provisioning in communication, and the effectiveness of Pareto-optimal semantic communication design.

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