Vilfredo Pareto
Vilfredo Federico Damaso Pareto was born on July 15, 1848 in Paris, France and died on August 19, 1923 in Geneva, Switzerland. After his father he was Italian, after mother, French. He graduated from civil engineering at the Polytechnic University of Turin. A couple of years working for the Italian State Railways, in 1886, began lecturing economics at the University of Florence. In 1893, he moved to the University of Lausanne in Switzerland. In economics, he developed a mathematical Theory of Equilibrium of Leon Walras and laid the foundations of ordinalist utility theory.
In management field he is known for Pareto Principle. In 1906, he noted that in Italy 80 % assets is owned by 20 % of the population. Joseph Moses Juran later generalized this rule.
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