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Vilfredo Pareto
Vilfredo Federico Damaso Pareto (; ; born Wilfried Fritz Pareto; 15 July 1848 – 19 August 1923) was an Italian polymath, whose areas of interest included sociology, civil engineering, economics, political science, and philosophy. He made several important contributions to economics, particularly in the study of income distribution and in the analysis of individuals' choices, and was one of the minds behind the Lausanne School of economics. He was also responsible for popularising the use of the term '' elite'' in social analysis and contributed to elite theory. He has been described as "one of the last Renaissance scholars. Trained in physics and mathematics, he became a polymath whose genius radiated into nearly all other major fields of knowledge." He introduced the concept of Pareto efficiency and helped develop the field of microeconomics. He was also the first to claim that income follows a Pareto distribution, which is a power law probability distribution. The Paret ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
French Second Republic
The French Second Republic ( or ), officially the French Republic (), was the second republican government of France. It existed from 1848 until its dissolution in 1852. Following the final defeat of Napoleon, Napoleon Bonaparte at the Battle of Waterloo, in June 1815, France had been reconstituted into a monarchy known as the Bourbon Restoration in France, Bourbon Restoration. After a brief period of July Revolution, revolutionary turmoil in 1830, royal power was again secured in the "July Monarchy", governed under principles of moderate conservatism and improved relations with the United Kingdom of Great Britain and Ireland, United Kingdom. In 1848, Europe erupted into a Revolutions of 1848, mass revolutionary wave in which many citizens challenged their royal leaders. Much of it was led by France in the French Revolution of 1848, February Revolution, overthrowing Louis Philippe I, King Louis-Philippe. Radical and liberal factions of the population convened the French Second ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Maffeo Pantaleoni
Maffeo Pantaleoni (; 2 July 1857 29 October 1924) was an Italian economist. Born in Frascati, at first he was a notable proponent of neoclassical economics. Later in his life, before and during World War I, he became an ardent Italian nationalist and syndicalist, with close ties to the Italian fascism movement. He was Minister of Finance in the Carnaro government of Gabriele D'Annunzio at Fiume, which lasted for fifteen months between 1919 and 1920. Shortly before his death in Milan, he was elected to the Italian Senate. Work Pantaleoni was a major contributor to the Italian school of economics known as La Scienza delle Finanze. His book ''Teoria della Traslazione dei Tributi'' (''Theory of Tax Shifting'') is a pioneering study of tax incidence. According to Nobel Prize winner James M. Buchanan, Pantaleoni and his followers (such as Antonio de Viti de Marco and Vilfredo Pareto) can be considered the intellectual forefathers of the modern public choice theory Public choi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Priority Index
The Pareto priority index (PPI) is an index used to prioritize several (quality improvement) projects. It is named for its connection with the Pareto principle named after the economist Vilfredo Pareto. It is especially used in the surroundings of Six Sigma projects. It was first established by AT&T AT&T Inc., an abbreviation for its predecessor's former name, the American Telephone and Telegraph Company, is an American multinational telecommunications holding company headquartered at Whitacre Tower in Downtown Dallas, Texas. It is the w .... The PPI is calculated as follows: : \text = \frac A high PPI suggests a high project priority. References {{authority control Secondary sector of the economy Vilfredo Pareto ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Interpolation
Pareto interpolation is a method of estimator, estimating the median and other properties of a population that follows a Pareto distribution. It is used in economics when analysing the distribution of incomes in a population, when one must base estimates on a relatively small random sample taken from the population. The family of Pareto distributions is parameterized by * a positive number κ that is the smallest value that a random variable with a Pareto distribution can take. As applied to distribution of incomes, κ is the lowest income of any person in the population; and * a positive number θ the "Pareto index"; as this increases, the tail of the distribution gets thinner. As applied to distribution of incomes, this means that the larger the value of the Pareto index θ the smaller the proportion of incomes many times as big as the smallest incomes. Pareto interpolation can be used when the available information includes the proportion of the sample that falls below each ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Index
In economics the Pareto index, named after the Italian economist and sociologist Vilfredo Pareto, is a measure of the breadth of income or wealth distribution. It is one of the parameters specifying a Pareto distribution and embodies the Pareto principle. As applied to income, the Pareto principle is sometimes stated in popular expositions by saying q=20% of the population has p=80% of the income. In fact, Pareto's data on British income taxes in his ''Cours d'économie politique'' indicates that about 20% of the population had about 80% of the income.. For example, if the population is 100 and the total wealth is $100''x''m, then together q=20 people have p''x''m=$80''x''m. Hence, each of these people has x=p''x''m/q=$4''x''m. One of the simplest characterizations of the Pareto distribution, when used to model the distribution of incomes, says that the proportion of the population whose income exceeds any positive number ''x'' > ''x''m is :q = \left(\frac\right)^\alph ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Efficiency
In welfare economics, a Pareto improvement formalizes the idea of an outcome being "better in every possible way". A change is called a Pareto improvement if it leaves at least one person in society better off without leaving anyone else worse off than they were before. A situation is called Pareto efficient or Pareto optimal if all possible Pareto improvements have already been made; in other words, there are no longer any ways left to make one person better off without making some other person worse-off. In social choice theory, the same concept is sometimes called the unanimity principle, which says that if ''everyone'' in a society (strict inequality, non-strictly) prefers A to B, society as a whole also non-strictly prefers A to B. The Pareto frontier, Pareto front consists of all Pareto-efficient situations. In addition to the context of efficiency in ''allocation'', the concept of Pareto efficiency also arises in the context of productive efficiency, ''efficiency in prod ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Distribution
The Pareto distribution, named after the Italian civil engineer, economist, and sociologist Vilfredo Pareto, is a power-law probability distribution that is used in description of social, quality control, scientific, geophysical, actuarial science, actuarial, and many other types of observable phenomena; the principle originally applied to describing the distribution of wealth in a society, fitting the trend that a large portion of wealth is held by a small fraction of the population. The ''Pareto principle'' or "80:20 rule" stating that 80% of outcomes are due to 20% of causes was named in honour of Pareto, but the concepts are distinct, and only Pareto distributions with shape value () precisely reflect it. Empirical observation has shown that this 80:20 distribution fits a wide range of cases, including natural phenomena and human activities. Definitions If ''X'' is a random variable with a Pareto (Type I) distribution, then the probability that ''X'' is greater than some nu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pareto Chart
A Pareto chart is a type of chart that contains both bars and a line graph, where individual values are represented in descending order by bars, and the cumulative total is represented by the line. The chart is named for the Pareto principle, which, in turn, derives its name from Vilfredo Pareto, a noted Italian economist. Description The left vertical axis is the frequency of occurrence, but it can alternatively represent cost or another important unit of measure. The right vertical axis is the cumulative percentage of the total number of occurrences, total cost, or total of the particular unit of measure. Because the values are in decreasing order, the cumulative function is a concave function. To take the example below, in order to lower the amount of late arrivals by 78%, it is sufficient to solve the first three issues. The Pareto Chart demonstrates a power law relationship between the rank of a quality issue and that issue’s contribution to cost. This means one ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ophelimity
Ophelimity from greek "Ophelimos" "useful" is an economic concept introduced by Vilfredo Pareto as a measure of purely economic satisfaction, so he could use the already well-established term utility as a measure of a more broadly based satisfaction encompassing other dimensions as well, such as the ethical, moral, religious, and political. As such, it corresponds to the sense in which utility is often used in economic calculations. Irving Fisher proposed replacing ophelimity (and thus utility as it is commonly construed) with the term ''wantability''. Ugo Spirito Ugo Spirito, according to professor A. James Gregor, used the term 'Ophelimity'Gregor, A. ''Mussolini's Intellectuals: Fascist Social and Political Thought''. pg. 126 - 127, Princeton University Press. ISBN 978-1-4008-2634-6 to mean "the individual's satisfaction (of which) he is the only judge." - "Making the individual's satisfaction unique, and impossible to compare over time or intersubjectively." Reducing fundament ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Circulation Of Elites
The circulation of elites is a theory of regime change described by Italian sociologist Vilfredo Pareto (1848–1923). Changes of regime, revolutions, and so on occur not when rulers are overthrown from below, but when one elite replaces another. The role of ordinary people in such transformation is not that of initiators or principal actors, but as followers and supporters of one elite or another. Assumptions It is a basic axiom for Pareto that people are unequal physically, as well as intellectually and morally. In society as a whole, and in any of its particular strata and groupings, some people are more gifted than others. The term elite has no moral or honorific connotations in Pareto's usage. It denotes simply "a class of the people who have the highest indices in their branch of activity." Pareto argues that "It will help if we further divide the elite class into two categories: a ''governing elite'', comprising individuals who directly or indirectly play some considera ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
