Sharpening the pencils

A noted Italian industrialist, philosopher, economist and sociologist, Vilfredo Pareto has made several contributions in the field of economics. He is particularly well known for his study of income distribution and analysis of individual choice. He is also partly regarded for bringing about a change, making economics a more intensive field with scientific research and mathematical equations. His books resembled most of the books use in modern economic times rather than concentrating only upon texts. It was Pareto who developed the concept of Pareto Efficiency leading to the development of microeconomics. He was also the first economist to reveal that income always followed a Pareto Distribution.