80/20 Day: July 15, 1848, Vilfredo Pareto joined the human race


Happy 80/20 Day!

Italian economist, engineer and political activist Vilfredo Pareto was born on July 15, 1848, in Paris, where his father had fled due to political difficulties.

Pareto should be more famous, for his explanation of the 80/20 rule, and for his contribution to making better things, the Pareto chart.  Many economic texts ignore his work almost completely.  Quality management texts ignore his life, too — generally mentioning the principles they borrow, but offering no explanation.

Vilifred Pareto, Wikipedia image

Vilfredo Pareto, Wikipedia image

His contributions, as accounted at Wikipedia:

A few economic rules are based on his work:

And now you, dear reader, having just skimmed the surface of the pool of information on Vilfredo Pareto, know more about the man than 99.99% of the rest of the people on the planet.  Welcome to the tip-top 0.01%.

Resources:

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2 Responses to 80/20 Day: July 15, 1848, Vilfredo Pareto joined the human race

  1. Black Flag® says:

    *ug, autocorrect

    Not “artificial” but an artifact

    Like

  2. Black Flag® says:

    Paerto’s “Law” (not really a law, but an observation, since we have no idea why such a distribution occurs almost everywhere) is even more sublime. It is also recursive.

    80/20 of income, for example.
    But take the 20, and again, Paerto appears, in the top 20% of incomes, 20% have 80% of that, and then it appears again, in the top 20 of the 20, 20% of them have 80% of that, and so on.

    This neat feature of the Universe, wholly unproven, but widely observed is thought to be an artificial of Chaos theory. (see fractals as an example).

    Like

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