Francesco Pareto

Francesco Pareto was an Italian economist best known for discovering the "Pareto Principle," which observes that roughly 80% of effects come from 20% of causes. For example, in business, a small portion of customers may generate the majority of sales. This concept helps identify key areas to focus on for efficiency and effectiveness. Pareto's work highlights the uneven distribution in many systems, whether economic, social, or natural, emphasizing that a minority often drives the majority of outcomes.