“When it is useful to them, men can believe a theory of which they know nothing more than its name.”- Vilfredo Pareto.
Vilfredo Federico Damaso Pareto was born on July 15, 1848, in Paris, France. He was an engineer by profession, but economist and philosopher by passion. His contributions in the field of economics are very profound. He coined the term ‘elite’, by using it in his social analysis.
Pareto’s father- Raffaele Pareto was a civil engineers and herd from Italy. His mother, Marie Metenier was French. Pareto’s father was an Italian nationalist and was very enthusiastic about the 1848 German Revolution.
Vilfredo Pareto received his PhD in Civil Engineering from Polytechnic University of Turin. His research focus was on “The Fundamental Principles of Equilibrium in Solid Bodies”. During his early days, Pareto worked for a Government Italian Railway Company, and later started his own industry. Having seen the government and private industries very closely, he became Liberal. Pareto started publicly endorsing the free market policy. In his forties, Pareto started his wo...