Vilfredo Pareto was born in Paris, France. He is a historic figure in Italian economics. I
didn’t know who he was prior to some research, but he played a vital role in
the development of microeconomics and socioeconomics. He actually wasn’t
involved in the economics field until his forties as he was an engineer earlier
in his life.
He is well known for Pareto optimality and Pareto’s law of
income distribution. He wrote his first book at 49 which was called Cours
d’économie politique and his other book was called Manual of Political Economy.
He also took over his mentor’s position as chair of economics at the University
of Lausanne.
He had a big impact on economics in his life and short time
in the field, but he made a large impact especially on socioeconomics and
microeconomics.
Pareto was a Polymath. He made deep contributions to many fields, within economics and in statistics too.
ReplyDelete