Wilfredo Pareto

Wilfredo Pareto was an Italian economist and sociologist best known for the "Pareto Principle," which states that roughly 80% of effects come from 20% of causes. For example, in business, 80% of a company's profits might come from 20% of its customers. This principle highlights the imbalance often found in many systems, emphasizing the importance of identifying and focusing on the most impactful factors. Pareto's work extends beyond economics to areas like sociology and organizational management, helping people understand how resources and efforts can be optimized for better outcomes.