Vilfredo Pareto (1848–1923) was an Italian economist, sociologist, and philosopher known for his contributions to Microeconomics and social Theory. He developed the Pareto Principle, or the 80/20 rule, which posits that roughly 80% of effects come from 20% of causes. His works, including "Manual of Political Economy" and "The Mind and Society," significantly influenced economic theory and the study of elites' circulation. Pareto's interdisciplinary approach to Economics and Sociology continues to Impact both fields today.
Anecdotes
- His observations on Income Distribution were inspired by his Time as a railway engineer, where he noticed that 20% of the pea pods in his garden produced 80% of the peas.
- Once narrowly escaped a duel over an academic disagreement, illustrating his fiery temperament and commitment to his ideas.
- Once hosted extravagant parties as a Form of social Experiment, observing guests' interactions to better understand human behavior.
Magnitudes
- Focus relentlessly on patterns, not exceptions.
- Cultivate a relentless Curiosity for patterns.
- Uncover hidden virtues in the ordinary.
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