Vilfredo Pareto

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Vilfredo Pareto (born July 15, 1848 in France - died August 19, 1923 in Lausanne, Switzerland) made several important contributions to economics, sociology and moral philosophy, especially in the study of income distribution and in the analysis of individuals' choices. He introduced the concept of Pareto efficiency and helped develop the field of microeconomics with ideas such as indifference curves. His theories influenced Benito Mussolini and the development of Italian fascism.

The Pareto family moved to Italy in 1858. In 1870, Pareto received an engineering degree from the Turin Polytechnic Institute and he took employment with the Italian state railways. In 1886, he became a lecturer on economics and management at the University of Florence. In 1893, he was appointed as a lecturer in economics at the University of Lausanne in Switzerland where he remained for the rest of his life.

In 1906, he made the well-known observation that 20% of the population owned 80% of the property in Italy, later generalised (by Joseph M. Juran and others) into the so-called Pareto principle (for many phenomena 80% of consequences stem from 20% of the causes), and generalised further to the concept of a Pareto distribution.

The Pareto index is a measure of the inequality of income distribution.

The Pareto chart is a special type of histogram, used to view causes of a problem in order of severity from largest to smallest. It is a statistical tool that graphically shows the 20-80 rule.

Pareto's social policies were put on paper in his work, Mind and Society.

External links

de:Vilfredo Pareto es:Vilfredo Pareto eo:Vilfredo PARETO fr:Vilfredo Pareto ko:빌프레드 파레토 it:Vilfredo Pareto he:וילפרדו פארטו nl:Vilfredo Pareto ja:ヴィルフレド・パレート pl:Vilfredo Pareto tr:Vilfredo Frederico Damaso Pareto zh:帕累托

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