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Encyclopedia > Vilfredo Pareto
Vilfredo Pareto
Vilfredo Pareto

Vilfredo Federico Damaso Pareto [vil'fre:do pa're:to] (July 15, 1848, ParisAugust 19, 1923, Geneva) was a French-Italian sociologist, economist and philosopher. He made several important contributions 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. Image File history File links Broom_icon. ... Image File history File links No higher resolution available. ... Image File history File links No higher resolution available. ... is the 196th day of the year (197th in leap years) in the Gregorian calendar. ... Year 1848 (MDCCCXLVIII) was a leap year starting on Saturday (link will display the full calendar) of the Gregorian Calendar (or a leap year starting on Monday of the 12-day slower Julian calendar). ... It has been suggested that List of visitor attractions in Paris be merged into this article or section. ... is the 231st day of the year (232nd in leap years) in the Gregorian calendar. ... Year 1923 (MCMXXIII) was a common year starting on Monday (link will display the full calendar) of the Gregorian calendar. ... Geneva (pronunciation //; French: Genève //, German:   //, Italian: Ginevra //, Romansh: Genevra) is the second most populous city in Switzerland (after Zürich), and is the most populous city of Romandy (the French-speaking part of Switzerland). ... Sociology is the study of the social lives of humans, groups and societies. ... Alan Greenspan, former chairman, United States Federal Reserve. ... A philosopher is a person who thinks deeply regarding people, society, the world, and/or the universe. ... Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ... Microeconomics (or price theory) is a branch of economics that studies how individuals, households, and firms make decisions to allocate limited resources,[1] typically in markets where goods or services are being bought and sold. ...

Contents

Brief biography

Vilfredo Pareto was born of an exiled noble family in 1848 in Paris, the centre of the popular revolutions of that year. His father was an Italian civil engineer, his mother a French woman. His family went to Italy in 1858. In his childhood, Pareto lived in a middle-class environment, receiving a high standard of education. It has been suggested that List of visitor attractions in Paris be merged into this article or section. ...


In 1867 he earned a degree in mathematical sciences and in 1870 a doctorate in engineering from what is now the Polytechnic University of Turin. His dissertation was entitled "The Fundamental Principles of Equilibrium in Solid Bodies". His later interest in equilibrium analysis in economics and sociology can be traced back to this paper. The Polytechnic University of Turin (Italian: Politecnico di Torino) is a Engineering University based in Turin. ...


For some years after graduation, he worked as a civil engineer, first for the state-owned Italian Railway Company and later in private industry. Meanwhile he became increasingly interested in social and economic problems.


In 1886 he became a lecturer on economics and management at the University of Florence. His stay in Florence was marked by political activity, much of it fuelled by his own frustrations with government regulators. The University of Florence (Università degli Studi di Firenze, UNIFI) is one of the largest and oldest universities in Italy. ...


In 1889, after the death of his parents, Pareto changed his lifestyle, quitting his job and marrying a Russian, Alessandrina Bakunin. He began writing numerous polemical articles against the government, which caused him much trouble.


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. University of Lausanne, museum and library The University of Lausanne (in French: Université de Lausanne) or UNIL in Lausanne, Switzerland was founded in 1537 as a school of theology, before being made a university in 1890. ...


In 1906 he made the famous observation that twenty percent of the population owned eighty percent of the property in Italy, later generalised by Joseph M. Juran and others into the so-called Pareto principle (also termed the 80-20 rule) and generalised further to the concept of a Pareto distribution. Joseph Moses Juran (b. ... The Pareto principle (also known as the 80-20 rule, the law of the vital few and the principle of factor sparsity) states that, for many events, 80% of the effects comes from 20% of the causes. ... The misnamed Pareto principle (also known as the 80-20 Rule, the law of the vital few and the principle of factor sparsity) states that for many phenomena 80% of consequences stem from 20% of the causes. ... The Pareto distribution, named after the Italian economist Vilfredo Pareto, is a power law probability distribution found in a large number of real-world situations. ...


He died in Geneva, Switzerland, in 1923. Geneva (pronunciation //; French: Genève //, German:   //, Italian: Ginevra //, Romansh: Genevra) is the second most populous city in Switzerland (after Zürich), and is the most populous city of Romandy (the French-speaking part of Switzerland). ...


Economic rules

A few economic rules are based on his work :

  • 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 demonstrates the Pareto principle or the 80-20 rule.

In economics the Pareto index is a measure of the breadth of income distribution. ... Pareto Chart A Pareto Chart is a special type of Histogram where the values being plotted are arranged in descending order. ... For the histogram used in digital image processing, see Color histogram. ... The misnamed Pareto principle (also known as the 80-20 Rule, the law of the vital few and the principle of factor sparsity) states that for many phenomena 80% of consequences stem from 20% of the causes. ... The Pareto principle (also known as the 80-20 rule, the law of the vital few and the principle of factor sparsity) states that, for many phenomena, 80% of the consequences stem from 20% of the causes. ... The Pareto distribution, named after the Italian economist Vilfredo Pareto, is a power law probability distribution found in a large number of real-world situations. ... In mathematics and statistics, a probability distribution is a function of the probabilities of a mutually exclusive and exhaustive set of events. ...

More biography, Pareto's works, and legacy

In his Trattato di Sociologia Generale (1916, rev. French trans. 1917) published in English under the title The Mind and Society (1935), he put forward the first social cycle theory in sociology. Social cycle theories are one of the earliest social theories in sociology. ...


He is famous for saying "history is a graveyard of aristocracies".


A great deal of Talcott Parsons theory of society is based on his works. Parsons aimed at a sociology canon made of Durkheim, Weber and Pareto. Talcott Parsons Talcott Parsons (December 13, 1902–May 8, 1979) was for many years the best-known sociologist in the United States, and indeed one of the best-known in the world. ... Sociology (from Latin: socius, companion; and the suffix -ology, the study of, from Greek λόγος, lógos, knowledge) is an academic and applied discipline that studies society and human social interaction. ... David Émile Durkheim (April 15, 1858 - November 15, 1917) is known as the founder of modern sociology. ... For the politician, see Max Weber (politician). ...


See also

Pareto efficiency, or Pareto optimality, is an important notion in neoclassical economics with broad applications in game theory, engineering and the social sciences. ... The Pareto distribution, named after the Italian economist Vilfredo Pareto, is a power law probability distribution found in a large number of real-world situations. ... The Pareto principle (also known as the 80-20 rule, the law of the vital few and the principle of factor sparsity) states that, for many events, 80% of the effects comes from 20% of the causes. ...

External links


  Results from FactBites:
 
Vilfredo Pareto (3058 words)
The Italian economist Vilfredo Pareto was one of the leaders of the Lausanne School and an illustrious member of the "second generation" of the Neoclassical revolution.
Pareto's theory of society claimed that there was a tendency to return to an equilibrium where a balanced amount of Class I and Class II people are present in the governing élites.
Finally, Pareto's ruminations on the potential efficiency of a collectivist society were aired in the Socialist Calculation Debate that arose between the Paretians and the Austrians.
Vilfredo Pareto (311 words)
and deceased Aug. 20, 1923, Vilfredo Pareto was an economist and theorist of scientific sociology.
Vilfredo Pareto graduated from the University of Turin in Italy and became professor of political economy at the University of Lausanne, Switzerland.
Vilfredo Pareto's theory did not recognize that irrational behavior can also occur on a mass scale, and his theory cannot, therefore, account for the behavior of crowds.
  More results at FactBites »

 
 

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