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Vilfredo Pareto: Pareto Principle
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Vilfredo Pareto was an Italian economist who, in 1906, observed that twenty percent of the Italian population owned eighty percent of the country's total wealth. Ever since then, Pareto's observation has been used in a variety of ways, and is often referred to as the 80-20 Rule, the "Vital Few and Trivial Many Rule.", or simply Pareto's Principle.
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Vilfredo Pareto (1848-1923) was an Italian economist who, in 1906, observed that twenty percent of the Italian people owned eighty percent of their country's accumulated wealth. Over time and through application in a variety of environments, this analytic has come to be called Pareto's Principle, the 80-20 Rule, and the "Vital Few and Trivial Many Rule." Called by whatever name, this mix of 80%-20% reminds us that the relationship between input and output is not balanced. In a management context, this rule of thumb is a useful heuristic that applies when there is a question of effectiveness versus diminishing returns on effort, expense, or time.
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In 1897, Italian economist Vilfredo Pareto, in his study of the patterns of wealth and income, observed that the distribution of wealth was predictably unbalanced. He first discovered this pattern in 19th-century England and found it to be the same for every country and time period he studied. Over the years, Pareto's observation has become known as the 80/20 principle.
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Back in 1906, economist Vilfredo Pareto noted a striking fact in his native Italy: Twenty percent of the people owned 80 percent of the wealth. As Pareto looked about, he discovered that the "80/20 Principle," as it came to be known, applied in many realms of life. He was particularly fascinated to find that 20 percent of the peapods in his garden yielded 80 percent of his harvest!
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In the late 1800s, Italian economist Vilfredo Pareto discovered that 80% of the land in his home country was owned by 20% of the population. Pareto was ... an avid gardener, and observed that 20% of the peapods in his garden yielded 80% of the peas that were harvested. Such observations gave rise to a powerful theory: the Pareto Principle or the 80/20 Rule.
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In the 1890s, Vilfredo Pareto noticed a large disparity between the richest citizens of Italy and the rest of the population. This distribution became known as the Pareto Principe, or the 80/20 rule. Recently, scientists have uncovered some interesting facts underlying the Pareto Principle.
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Pareto Principle