![]() ![]() In his childhood, Pareto lived in a middle-class environment, receiving a high standard of education, attending the newly created Istituto Tecnico Leardi where Ferdinando Pio Rosellini was his mathematics professor. Enthusiastic about the revolutions of 1848 in the German states, his parents named him Wilfried Fritz, which became Vilfredo Federico upon his family's move back to Italy in 1858. His mother, Marie Metenier, was a French woman. ![]() His father, Raffaele Pareto (1812–1882), was an Italian civil engineer and Ligurian marquis who had left Italy much as Giuseppe Mazzini and other Italian nationalists had. Pareto was born of an exiled noble Genoese family on 15 July 1848 in Paris, the centre of the popular revolutions of that year. He also contributed to the fields of sociology and mathematics. The Pareto principle was named after him, and it was built on his observations that 80% of the wealth in Italy belonged to about 20% of the population. ![]() He was also the first to discover that income follows a Pareto distribution, which is a power law probability distribution. He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also responsible for popularising the use of the term "elite" in social analysis. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices. Vilfredo Federico Damaso Pareto ( UK: / p æ ˈ r eɪ t oʊ, - ˈ r iː t-/ parr- AY-toh, - EE-, US: / p ə ˈ r eɪ t oʊ/ pə- RAY-toh, Italian:, Ligurian: born Wilfried Fritz Pareto 15 July 1848 – 19 August 1923) was an Italian polymath (civil engineer, sociologist, economist, political scientist, and philosopher). ![]()
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