Vilfredo Pareto
Italian polymath (1848–1923) / From Wikipedia, the free encyclopedia
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Vilfredo Federico Damaso Pareto[4] (UK: /pæˈreɪtoʊ, -ˈriːt-/ parr-AY-toh, -EE-,[5] US: /pəˈreɪtoʊ/ pə-RAY-toh,[6] Italian: [vilˈfreːdo paˈreːto], Ligurian: [paˈɾeːtu]; born Wilfried Fritz Pareto;[7] 15 July 1848 – 19 August 1923) was an Italian polymath (civil engineer, sociologist, economist, political scientist, and philosopher). He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices. He was also responsible for popularising the use of the term "elite" in social analysis.
Vilfredo Pareto | |
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 Pareto in the 1870s | |
| Born | Wilfried Fritz Pareto (1848-07-15)15 July 1848 Paris, France |
| Died | 19 August 1923(1923-08-19) (aged 75) Céligny, Switzerland |
| Nationality | Italian |
| Academic career | |
| Institutions | University of Lausanne |
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| School or tradition | |
| Alma mater | Polytechnic University of Turin |
| Influences | |
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He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also 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 it was built on his observations that 80% of the wealth in Italy belonged to about 20% of the population. He also contributed to the fields of sociology and mathematics.