Pareto, Vilfredo (1848 – 1923)

Definition

Economics

  • Italian economist who developed the theory of elites. He also showed that value is dependent on ordinal utility and not on cardinal utility as had been thought previously. He noted that income is distributed in the same way in all countries, no matter what tax regime is applied.
http://www.dictionarycentral.com/definition/pareto-vilfredo-1848-1923.html