In this set of notes in harmonic analysis by Tao, the following remark is made:
On a Enclidean space ${\bf R}^d$, the power function $|x|^{-\alpha}$ lies in weak $L^p$ if and only if $\alpha=d/p$. Indeed one can think of a weak $L^p$ function as a function which is pointwise dominated in magnitude by a rearrangement of (a multiple of) $|x|^{-d/\alpha}$.
It is not very difficult to follow the definition to show that $|x|^{-\alpha}\in L^{p,\infty}({\bf R}^d)$ iff $\alpha=d/p$.
Question: How should one understand the second sentence:
"Indeed one can think of a weak $L^p$ function as a function which is pointwise dominated in magnitude by a rearrangement of (a multiple of) $|x|^{-d/\alpha}$"?
If this is made as a precise statement, what would it be?
It seems to me that this literally means $f\in L^{p,\infty}({\bf R}^d)$ if and only if $|f(x)|\leq C |x|^{-d/\alpha}$ almost everywhere. But I don't see how it relates to the first sentence in the remark.
The weak $L^p$ spaces are rearrangement invariant. Indeed this is due to their use of the distribution function $d_f$ in their very definition,
$$f\in L^{p,\infty} ⇔ d_f(t) := \mu(|f|> t) ≤ \frac{[f]^p_{L^{p,\infty}}}{t^p}$$
There are many different functions $g$ with $d_f = d_g $, (for instance $d_{|f|} = d_f$) so it is not the specific shape of $f$ that matters, only that of $d_f$, and one such function is the symmetric decreasing rearrangement of $f$, normally written $f^*$. In addition, for radial decreasing nonnegative functions $f,g$ with $f(0)=g(0)$, $d_f ≤ d_g$ iff $f≤g$.
The remark is clear once we shift attention to $f^*$: If $\alpha = d/p$ and $|f^*(x)| = |f^*(|x|)| ≤ C |x|^{-\alpha}$, then since $$d_f(t) = d_{f^*}(t) = \mu(|f^*|>t) ≤ \mu(C|x|^{-\alpha} > t) = d_{C|\bullet|^{-\alpha}}(t)$$ we have $f\in L^{p,\infty}$. Also, since $d_{|\bullet|^{-\alpha}}(t)$ is actually equal to $\frac{\tilde C^p}{t^p}$, the reverse is also true: a function in $L^{p,\infty}$ is, up to a rearrangement, dominated in magnitude by a multiple of $|x|^{-\alpha}.$