A Second Look at the Pareto Principle
Vilfredo Pareto (1848 – 1923) was an Italian civil engineer who became more famous as an economist, political scientist and philosopher. He gave the world what we call the 'Pareto Principle'. At the University of Lausanne, Switzerland he published his first paper "Cours d'économie politique" in 1896. Studying income distribution of people, he found that 80% of the land in Italy was owned by 20% of the population. This was an important contribution, whose scope was not limited to economics alone, but spanned several areas.