PARETO, Vilfredo was born in 1848 in Paris, France.
Bachelor of Science Engineering, Polytechnic Institute, Institution, Turin, 1869.
Italian engineer economist, whose mathematical ability led to his appointment as Walras’ successor at Lausanne. In the Manual.. he worked out an improved version of general equilibrium theory and demonstrated the restricted sense in which perfect competition achieved an optimal solution. He made important contributions to the discussion of the methodology of economics and the place of the discipline in the social sciences as a whole.
His distinction between cardinal and ordinal utility and between an individual and a collective optimum were major theoretical contributions. Engineer, 1870-1892; Professor, University Lausanne, 1893-1900.
Vilfredo Pareto's Manual of Political Economy is a "classic" study in the history of economic thought for many reasons, the most noteworthy of which include the setting of general equilibrium economics within a choice theoretic framework based on the opposition between tastes and obstacles; the definitive formulation of economic efficiency, including the surplus approach to collective welfare; the technically flawed but nonetheless insightful treatment of path dependence in consumer theory; and the introduction of non-competitive market analysis to the general equilibrium economics.