Vilfredo F. D. Pareto

1848-1923

Vilfredo F. D. Pareto was an Italian who came to economics after twenty years as an engineer. Pareto’s application of mathematical and statistical techniques to his new subject attracted the attention of Walras, whom he succeeded as Professor of Economics at Lausanne in 1892. In the Cours d’economie Politique (1896). Pareto uses mathematics to tackle the question of general equilibrium, while the Manuale di Economia Politico (1906). is considered the starting point of modern welfare economics. His study of income distribution led to the formulation of what is called Pareto’s Law. This states that whatever the political or taxation conditions, income will be distributed in exactly the same way in all countries.