Pareto, Vilfredo

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Pareto, Vilfredo

(1848–1923) an Italian economist who used the mathematical principles applicable to equilibrium in mechanical systems to construct a general theory of economic equilibrium in his book Mannuale d‘Economica Politica (1906). Pareto acknowledged that utility was not measurable but argued that a purely ordinal conception of utility (see ORDINAL UTILITY) was sufficient to formulate a theory of choice. This led Pareto to use INDIFFERENCE CURVES to show how an individual's scale of preferences can be represented by an indifference map. Pareto was also known for his ideas on income distribution. See PARETO OPTIMALITY.

Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005

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welfare economics

References in periodicals archive ?

Vilfredo Pareto tries to deeply understand how actions mainly based on emotions, feelings or sentiments move society, being deeply connected with the way people make decisions.

REASON AND EMOTION IN HUMAN DECISION-MAKING: A PARETIAN APPROACH/RAZAO E EMOCAO NA TOMADA DE DECISOES HUMANAS: UMA ABORDAGEM PARETIANA

The greatest of the modern Machiavellians considered by Burnham is the one he covers last: Vilfredo Pareto, whose accomplishments spanned the fields of economics and sociology.

American Machiavelli: James Burnham reveals how our oligarchy rules

Juran suggested the principle and named it after Vilfredo Pareto, who had observed in 1906 that 80 percent of the land in Italy was owned by 20 percent of the population.

Profiting from the next level of knowledge management: pragmatic steps to deploying next-generation, search-based applications called "intelligent assistants"

He looks at antidemocratic thought and decadence in France around the turn of the century, reasons of the state in Vilfredo Pareto, legitimacy and the philosophy of history in Antonio Labriola, charisma and disenchantment in Max Weber, and alienation and totality in Antonio Gramsci.

Legitimacy and revolution in a society of masses; Max Weber, Antonio Gramsci, and the fin-de-siecle debate on social order

The text advances chapter by chapter across a timeline, with similar examinations of the work of more or less well-known economists from Karl Marx to William Stanley Jevons, from Alfred Marshall to Vilfredo Pareto, and from John Maynard Keynes to Ragnar Frisch, to cover the major economists, the schools of thought, and the theories.

History of economic thought

One approach to solve this problem comes from Vilfredo Pareto. The idea here is that the welfare of society has been maximized when every action that will make someone better off without reducing the welfare of another person has been made.

Wealth maximization: a reflection on the use of wealth as an indicator of social benefit

The company name came from the _ 80-20 idea by Italian economist Vilfredo Pareto, who noticed that 20 percent of the people in Italy owned 80 percent of the land.

'TLC' training aspires to create a culture of learning

According to Vilfredo Pareto "elites have nothing in absolute; there can be an aristocracy of saints, an aristocracy of brigands" (1).

Communism and political elites

Vilfredo Pareto, Hilaire Belloc, and Jose Ortega y Gasset come immediately to mind, yet not one of them makes an appearance in this collection.

THE DEMISE OF POLITICAL PHILOSOPHY?

A classic case of the power law in economics (although it has recently been disputed) is the distribution of wealth, described by Italian Vilfredo Pareto in 1896.

Beware the long tail: economic models of risk don't add up, cadre of researchers caution

The principle was evolved by the Italian economist Vilfredo Pareto who noted that 80 percent of the Italian land was owned by 20 percent of the population.