Quick Facts
80/20 rule. Italian economist who saw that vital few outweigh trivial many.
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Life Journey
Vilfredo Federico Damaso Pareto was born to an Italian exiled father and a French mother. His father was a civil engineer and a supporter of Italian unification. Pareto's early life was marked by family political activism.
The family returned to Italy, settling in Genoa. Pareto's father, a strong supporter of Italian unification, felt that the political climate in France was not conducive to their safety and values.
Pareto graduated with a doctor's degree in engineering, specializing in hydraulics and mathematics. His thesis was on the application of the theory of elasticity to the calculation of the equilibrium of masonry constructions.
Pareto started working as a civil engineer for the state-owned Italian Railway Company, where he quickly rose through the ranks due to his technical expertise and management skills.
Pareto married Dina Bakunin, the daughter of the Russian revolutionary Mikhail Bakunin. The marriage was marked by both personal and intellectual exchanges, though it was not without its challenges.
Pareto was appointed to the Chair of Political Economy at the University of Lausanne, where he began to develop his theories of economics and sociology. His work during this period laid the foundation for his later contributions.
Pareto published his seminal work 'Cours d'économie politique,' which introduced the concept of Pareto efficiency and the 80/20 rule, also known as the Pareto Principle. This work had a profound impact on economic theory.
Pareto retired from his teaching position at the University of Lausanne but continued to write and research. His retirement allowed him to focus on his sociological and economic theories and their applications.
Pareto published 'Trattato di Sociologia Generale,' a comprehensive work that integrated his economic theories with sociological analysis. This book solidified his reputation as a leading social scientist.
Vilfredo Pareto died in Céligny, Switzerland, leaving behind a legacy of influential economic and sociological theories. His work continues to be studied and applied in various fields of social science.