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Vilfredo Pareto Lausanne School
Birth 15 July 1848(1848-07-15)
Death 19 August 1923 (aged 75)
Nationality Italian
Field Microeconomics
Socioeconomics
Influenced Luigi Amoroso
Contributions Pareto index
Pareto chart
Pareto's law
Pareto efficiency
Pareto distribution
Pareto principle
Vilfredo Federico Damaso Pareto (Italian pronunciation: [vilˈfreːdo paˈreːto]; 15 July 1848 – 19 August 1923), born Wilfried Fritz Pareto, was an Italian industrialist, sociologist, economist, and philosopher. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices. "His legacy as an economist was profound. Partly because of him, the field evolved from a branch of social philosophy as practiced by Adam Smith into a data intensive field of scientific research and mathematical equations. His books look more like modern economics than most other texts of that day: tables of statistics from across the world and ages, rows of integral signs and equations, intricate charts and graphs."[1] He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He also was the first to discover that income follows a Pareto distribution, which is a power law probability distribution. The pareto principle was named after him and built on observations of his such as that 80% of the land in Italy was owned by 20% of the population. He also contributed to the fields of sociology and mathematics.
Contents [hide]
1 Biography
1.1 Civil engineer to liberal to economist
1.2 Economics and sociology
1.3 Personal Life
2 Sociology
3 Fascism and power distribution
4 Economic rules
5 See also
6 References
7 External links
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