WILFREDO PARETO 1848-1923 Italian Economist 80/20 rule: 80% of the wealth is controlled by 20% of the people Cours d économie politique (1896-7) 80/20 rule believed to apply much more widely 20% products are 80% of sales 1906- Pareto Optimality – not possible to make anyone better off (in his own estimation) without making someone else worse off