Vilfredo Pareto was a versatile Italian scholar, known for his work in economics, sociology, and political science. He introduced Pareto efficiency and the Pareto principle, highlighting income inequality and elite social groups.
Vilfredo Pareto criticized various political ideologies such as humanitarianism, liberalism, socialism, communism, and fascism, arguing that they were all just tools used by leaders to maintain power and privilege. He believed that these ideologies were merely smokescreens for those in governance.
In 1852, the Pareto family returned to Genoa where Vilfredo Pareto's father became a French teacher at a local school.
In 1862, Vilfredo Pareto decided to remain in Turin to finish his education while his family moved to Florence due to the capital's relocation. This decision marked a significant point in his academic journey.
In 1864, Pareto obtained his Licenza de maturita from the Royal Technical Institute in Turin.
In 1866, Pareto's first publication was published in his father's journal.
After a year of military service, Pareto signed up to take an advanced degree in civil engineering at the polytechnic institute of Turin.
In 1869, Vilfredo Pareto earned a doctorate in engineering from the Polytechnic University of Turin with a dissertation on 'The Fundamental Principles of Equilibrium in Solid Bodies', which later influenced his interest in equilibrium analysis in economics and sociology.
Vilfredo Pareto, a radical democrat and classical liberal, was inspired by the liberal ideals of Cavour in his youth. He was critical of the interventionist state advocated by Bismarck.
In 1872, Vilfredo Pareto delivered his first address to the Accademia dei Georgofili in Florence, where he defended radical parliamentary democracy and universal suffrage while criticizing Bismarckian paternalism. This event marked the beginning of his involvement in Italian politics.
In 1873, Vilfredo Pareto left his unexciting job and relocated to San Giovanni Valdarno to assume a more significant role at a local iron and steel company. His interest in economics flourished as he dealt with the concerns of iron workers and embarked on business trips to various European countries, absorbing knowledge on politics, economics, and sociology. Additionally, he became a founding member of the 'Società Adamo Smith' in Florence in 1874.
In 1877, Vilfredo Pareto delivered a notable address to the Accademia dei Georgofili, criticizing the German Historical School and its influence in Italy. He opposed the paternalistic politics, state interventionism, and anti-theoretical stance of the Historicists, including Auguste Comte.
In 1880, Vilfredo Pareto was appointed as the managing director of Società Ferriere d'Italia after the reorganization of the Valdano iron and steel concern. This new role allowed him more time for reflection on government regulation and worker conditions.
In 1882, Vilfredo Pareto tried again to become a deputy for Pistoia in the national parliament, but he was unsuccessful once more.
In 1886, Vilfredo Pareto became a lecturer on economics and management at the University of Florence, where he started his career as a classical liberal economist and engaged in political activities.
In 1887, the Belgian economist Gustave de Molinari invited Vilfredo Pareto to submit articles on the Italian situation to the prestigious Journal d'economistes, after spotting Pareto's tireless polemics in the press.
In 1889, after the death of his parents, Vilfredo Pareto inherited the marchese title but chose not to use it. He then quit his job and married Alessandrina Bakunin, a penniless girl from Venice.
Despite their disagreements on economic policy issues and opposing temperaments, Leon Walras decided that Vilfredo Pareto should succeed him in the field of economics.
In 1891, Vilfredo Pareto published an article in the Revue des deux mondes, which cited an article by Maffeo Pantaleoni. This publication brought Pareto to the attention of the authorities.
In 1892, Vilfredo Pareto made cautionary notes about the scope and limits of economic science. He emphasized that economic science does not cover 'motive' comprehensively, but only a small facet of behavior in a social context. Pareto also highlighted that other motives and factors should not be ignored.
In 1893, Vilfredo Pareto published an introduction to an abridged Italian edition of Karl Marx's Capital, where he praised Marx's theory of class struggle and historical materialism.
Vilfredo Pareto's exposition of 'Pareto's Law' of income distribution, which states that income and wealth distribution follows a regular logarithmic pattern.
In 1897, Pareto's 'Chronace' was terminated as part of the authorities' efforts to suppress dissent and avoid mass uprisings.
Vilfredo Pareto introduced the concept of Pareto-optimality in 1900, which suggests that a society reaches maximum welfare when no individual can be made better off without making someone else worse off. This idea revolutionized modern microeconomics and challenged the traditional notion of cardinal utility.
In 1901, Vilfredo Pareto was appointed as a Professeur Ordinaire in Lausanne.
During 1902-03, Vilfredo Pareto taught a course on Socialist Systems at the University of Lausanne.
In 1903, Francis Ysidro Edgeworth reviewed Bortkiewicz's and Vilfredo Pareto's works 'Anwendungen'.
In 1904, the future leader of Italian fascism, Benito Mussolini, attended lectures by Vilfredo Pareto at the University of Lausanne. It is suggested that Mussolini's shift from socialism to elitism may have been influenced by Pareto's ideas, particularly regarding ruling classes and the role of the state.
In 1906, Vilfredo Pareto published his most influential work, 'Manuale d’economia politica'. This work further developed his theory of pure economics and laid the foundation of modern welfare economics.
In 1907, Vilfredo Pareto published 'L'économie et la sociologie au point de vue scientifique' in Rivista di Scienza, where he discussed the relationship between economics and sociology from a scientific perspective.
A critical review of history and literature published in 1909.
Knut Wicksell published 'Vilfredo Pareto's Manual of Political Economy' in 1913.
Vilfredo Pareto published his best-known work, Trattato di Sociologia Generale in 1916. The book was later translated into English by Harcourt, Brace in 1935 under the title The Mind and Society. In this work, Pareto introduced the concept of the circulation of elites, which became the first social cycle theory in sociology.
A review of Vilfredo Pareto's 'Treatise on General Sociology' by C. Bouglé in 1919.
In 1920, Vilfredo Pareto published a book expanding on his sociological theory, providing classical and contemporary illustrations. His work included quasi-mystical arguments about non-logical motivations, which attracted Italian Fascists like Mussolini.
In 1921, Vilfredo Pareto published another book further expanding on his sociological theory. His work continued to delve into classical and contemporary illustrations, as well as quasi-mystical arguments that intrigued Italian Fascists.
After Mussolini's March on Rome in 1922, the Fascists showered Vilfredo Pareto with honors, making him a Senator of the Kingdom of Italy and inviting him to join the Italian delegation to the Geneva Disarmament Conference. Pareto, known for his contributions to sociology and economics, declined most of the honors but spoke favorably of certain early reforms.
Vilfredo Pareto passed away on August 19, 1923. He was known for his contributions to economics and sociology, particularly the concept of Pareto efficiency.
Pareto's work in economics and sociological theories, particularly 'Trattato di Sociologia Generale', influenced young Benito Mussolini and the development of early Italian fascism.
The revival of Vilfredo Pareto's 'tastes-and-obstacles' approach to demand by John Hicks and R.G.D. Allen.
An article by Arthur Livingston in The Saturday Review on May 25, 1935, providing a biographical portrait of Vilfredo Pareto.
An article by Max Millikan in October 1936, focusing on Vilfredo Pareto's Sociology published in Econometrica.
Luigi Amoroso published an article on Vilfredo Pareto in the journal Econometrica in 1938, discussing the influence of rationalistic vocation on the mysticism of Pareto and the association of Pareto's work with Fascism.
John Hicks extended and popularized Vilfredo Pareto's approach to demand.
In 1943, Vilfredo Pareto's work on welfare economics was revived by economists like Harold Hotelling, Oskar Lange, and the 'New Welfare Economics' movement. This resurgence led to a renewed interest in Pareto's contributions to the field.
Paul Samuelson popularized Vilfredo Pareto's work on welfare.
In 1952, the book 'Scritti Teorici' was published, edited by Demaria.
In 1958, 'Mon Journal' was released.
In 1960, 'Lettere a Maffeo Pantaleoni' was published in three volumes covering the years 1890-1923.
Translations of excerpts from major works by Vilfredo Pareto, published by Praeger.
According to Pareto's sociological scheme, residues and derivations are mechanisms by which society maintains its equilibrium. Society is viewed as a system with interdependent parts, where individuals are affected by social forces leading to reactions to achieve equilibrium.
Vincent J. Tarascio's study on Vilfredo Pareto's methodological approach to economics, focusing on the historical and scientific aspects of economic thought.
Translation of 1927 French edition of Manuale di economia politica con una introduzione alla scienza sociale by Vilfredo Pareto, published by Augustus M. Kelley.
The book 'Scritti politici' was published in 1974 and edited by Busino. It contains various political writings.
In 1975, G. Busino published a chronological bibliography of the writings of Vilfredo Pareto, providing a comprehensive list of his works.
In 1976, John S. Chipman wrote 'The Paretian Heritage' which is related to the legacy of Vilfredo Pareto.
Abridgement of The Mind and Society, translated into English by University of Minnesota Press.
Translation of Trasformazione della democrazia, published by Transaction Books.
An article by A. P. Kirman in 1987, discussing Vilfredo Pareto's contributions as an economist in The New Palgrave: A Dictionary of Economics.
In 1989, a chronological bibliography of Vilfredo Pareto's works was published, specifically focusing on his letters and correspondences.
Translation of essay Un applicazione di teorie sociologiche by Vilfredo Pareto, published by Transaction Publishers.
Pareto's theory suggests that there are two types of elite in society: the governing elite and the non-governing elite, with distinct mentalities of 'speculator' and 'rentier'. The alternation of power between these two types is a natural propensity in healthy societies.
The book 'Un uomo e le sue lettere' by Pier Carlo Della Ferrara was published in 1997.
The book 'Vilfredo Pareto a 100 anni dal 'Cours d'économie politique'' by Della Ferrara was published in 1998.
A book titled 'Pareto giovane ingegnere' written by Alessandro Melazzini in 1999.
A book titled 'Pareto e il salotto Peruzzi' written by A. Melazzini in 2000.
A. Melazzini's work explores Vilfredo Pareto's theoretical and practical contributions.
In 2002, an announcement was made regarding the publication of the complete works of Vilfredo Pareto.
In 2006, John S. Chipman wrote about the relevance of Vilfredo Pareto's economic theories in the contemporary economic landscape.
A work by Filip Palda in 2011, exploring Pareto's Republic and the concept of the New Science of Peace.
Forte F. and Silvestri P.'s exploration of Vilfredo Pareto's sociological concept regarding the utility of the community and the theory of elites, featured in 'Essentials of Fiscal Sociology'.
P. Della Pelle's critical edition introducing Karl Marx's 'Capital' through the perspective of Vilfredo Pareto, providing the Italian text alongside the original work.