A distraught senior citizen phoned her doctor's office. "Is it true," she wanted to know, "that the medication you prescribed To me has to be taken for the rest of my life?" There was a moment of silence before the senior lady replied, "I'm wondering, then, just how serious is my condition because this prescription is marked 'NO REFILLS'."
"Yes, I'm afraid so," the doctor told her.
Vilfredo ParetoDied 20 Aug 1923 at age 75 (born 15 Jul 1848). Italian economist and sociologist, known for his application of mathematics to economic analysis and for his theory of the 'circulation of elites'. His initial five-year course in civil engineering, graduating in 1870, gave him a grounding in mathematics. While working as an engineer, he studied philosophy and politics and wrote many periodical articles in which he was one of the first to analyse economic problems with mathematical tools. Pareto's first work, Cours d'economie politique (1896-97), included his famous 'law' of income distribution, a complicated mathematical formulation attempting to prove the distribution of incomes and wealth in society is not random and that a consistent pattern appears throughout history, in all parts of the world and in all societies. |
