Vilfredo Pareto was an Italian civil engineer turned economist and sociologist whose Manual of Political Economy (1906) formalized the idea, now called Pareto efficiency, that an allocation is optimal exactly when no one can be made better off without making someone else worse off. He also observed that income and wealth in the societies he studied followed a strikingly consistent unequal distribution, the empirical basis of what later became known as the Pareto principle.
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Pareto succeeded Leon Walras to the chair of Political Economy at the University of Lausanne in 1893 and led the school for the rest of his life.
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Concepts Originated
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Additional Source Vilfredo Pareto (Wikipedia)Vilfredo Pareto, Manual of Political Economy section
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Wikimedia FoundationLead section / Manual of Political Economy
In his Manual of Political Economy (1906) the focus is on equilibrium in terms of solutions to individual problems of objectives and constraints.
Associated With School: Lausanne School, Vilfredo Pareto, Lead section
Pareto was a leader of the 'Lausanne School' and represents the second generation of the Neoclassical Revolution.
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Lead section, birth date
15 July 1848
Lead section, death date
19 August 1923)
- Concepts Originated: Pareto Efficiency, Vilfredo Pareto, Manual of Political Economy section
In Group: Marginalist, Neoclassical and Welfare Economists, Lead
Trained in physics and mathematics, he became a polymath whose genius radiated into nearly all other major fields of knowledge." He introduced the concept of Pareto efficiency and helped develop the field of microeconomics.
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