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Vilfredo Pareto: Italian Economist
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In the 1930s, a Pareto vogue in economics and in sociology emerged in the English-speaking world. In Italy... the Paretian episode was already well established by the early 1900s. Moreover, the character of the episode in Italy was quite different to that in other parts of the world: Pareto's influence was much more immediate, more extensive and more enduring, with many Italian economists investigating the relationship between economics and sociology based on Pareto's contributions. This book establishes the case for referring to the 'Paretian school' of thought in Italy and investigates the contribution of Paretian scholars to 'fiscal sociology'.
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The 80-20 theory was first developed in 1906, by Italian economist, Vilfredo Pareto, who observed an unequal distribution of wealth and power in a relatively small proportion of the total population. Joseph M. Juran is credited with adapting Pareto's economic observations to business applications.
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The explanation starts with Vilfredo Pareto, an Italian economist and political sociologist who lived from 1848 to 1923. He devised the law of the 'trivial many and the critical few', better known as Pareto's Law, or the 80:20 rule. This rule says that, in many business activities, 80% of the potential value can be achieved from just 20% of the effort, and that one can spend the remaining 80% of effort for relatively little return.
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In 1906, an Italian economist named Vilfredo Pareto observed that 20% of Italy’s population received 80% of its income. He later noted that 80% of the peas in his garden came from 20% of the peapods.
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Italian Economist