Vilfredo Pareto, Date of Birth, Place of Birth, Date of Death


Vilfredo Pareto

Italian economist and sociologist

Date of Birth: 15-Jul-1848

Place of Birth: Paris, Île-de-France, France

Date of Death: 19-Aug-1923

Profession: engineer, mathematician, economist, university teacher, sociologist, philosopher

Zodiac Sign: Cancer

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About Vilfredo Pareto

  • Vilfredo Federico Damaso (UK: pa-RAY-toh, -?EE-, US: p?-RAY-toh, Italian: [vil'fre?do pa're?to], Ligurian: [pa'?e?tu]; born Wilfried Fritz Pareto; 15 July 1848 – 19 August 1923) was an Italian 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. 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 observations of his such as that 80% of the land in Italy was owned by about 20% of the population.
  • He also contributed to the fields of sociology and mathematics, according to the mathematician Benoit Mandelbrot and Richard L.
  • Hudson: His legacy as an economist was profound.
  • Partly because of him, the field evolved from a branch of moral philosophy as practised 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.

Read more at Wikipedia