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Vilfredo Pareto
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Vilfredo Pareto was an economist who is credited with establishing what is now widely known as the Pareto Principle or 80/20 rule. When he discovered the principle, it established that 80% of the land in Italy was owned by 20% of the population. Later, he discovered that the pareto principle was valid in other parts of his life, such as gardening: 80% of his garden peas were produced by 20% of the peapods.
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Named after Vilfredo Pareto, Pareto optimality is a measure of efficiency. An outcome of a game is Pareto optimal if there is no other outcome that makes every player at least as well off and at least one player strictly better off. That is, a Pareto Optimal outcome cannot be improved upon without hurting at least one player. Often, a Nash Equilibrium is not Pareto Optimal implying that the players' payoffs can all be increased.
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Vilfredo Pareto (born July 15, 1848 in France - died August 19, 1923 in Lausanne, Switzerland) made several important contributions to economics, sociology and moral philosophy, especially in the study of income distribution and in the analysis of individuals' choices. He introduced the concept of Pareto efficiency and helped develop the field of microeconomics with ideas such as indifference curves. His theories influenced Benito Mussolini and the development of Italian fascism.
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- Né en 1848 à Paris, Vilfredo Pareto s’est imposé comme l’un des principaux sociologues et économistes italiens de son temps. En 1886, il entre comme maître de conférences à l’Université de Florence. Sa carrière universitaire sera marquée par diverses actions politiques, comme la défense des socialistes italiens. Sa contribution restera majeure dans les sciences sociales, avec notamment le diagramme de Vilfredo Pareto, la notion d’efficacité et divers outils statistiques (optimum de Pareto…). Il distinguait la masse et l’élite, celle-ci séparée entre élite gouvernementale et non-gouvernementale. Les nouvelles élites proviennent de la masse et doivent être combattues ou intégrées par l’actuelle élite.
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In the late 1800s, economist and avid gardener Vilfredo Pareto established that 80% of the land in Italy was owned by 20% of the population. While gardening he later observed that 20% of the peapods in his garden yielded 80% of the peas that were harvested. Thus was born a theory that has stood the test of time and scrutiny. The Pareto Principle or the 80:20 Rule has proven its validity in a number of other areas.
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Vilfredo Pareto was born in the year of people's revolutions at its epicenter -- Paris, 1848 -- to an Italian aristocratic family. His father, a Ligurian marchese (marquis) and civil engineer, had fled to Paris in 1835 in self-imposed exile, following the example of Mazzini and other Italian nationalists. Vilfredo was the third child (and first son) of his marriage to a Frenchwoman.
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Vilfredo Pareto