What mathematical concept did Pareto help develop?
Calculus
Algebra
Geometry
Microeconomics
Answer
Microeconomics, the study of individual markets and consumer behavior, was significantly influenced by Vilfredo Pareto's contributions. His famous "Pareto principle," also known as the 80/20 rule, states that in many situations, 80% of the effects come from 20% of the causes. This principle has found wide application in economics, business, and other fields, helping to identify the most significant factors driving outcomes.
Mastering Pareto: Exploring the Legacy of Vilfredo Pareto in Sociology and Economics
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