Vilfredo Pareto was a leading economist, sociologist, and engineer in the 1800s. He is best known for the Pareto Principle, which is now known as the 80/20 Rule.[i]
In short, the Pareto Principle explains the unequal distribution of wealth, income, land ownership, and production.
Pareto stumbled upon this principle by observing how eighty percent of the land in France was owned by twenty percent of the population[ii] and that eighty percent of his peas were produced by twenty percent of his pea plants.
What can you cut out of your life–and what can you double down on to see exponential gains and growth to reach your goals?
[i] Many books have been written about the 80/20 rule over the past decade and how we can apply it to daily living, business, economics, and so on. The Four-Hour Work Week by Tim Ferres and The 80/20 Principle by Richard Koch are two of the best-known books on the topic.
[ii] M. E. J. Newman, “Power laws, Pareto distributions and Zipf’s law,” arxiv.org, http://arxiv.org/PS_cache/cond-mat/pdf/04 z12/0412004v3.pdf (accessed November 30, 2015).
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Until next time…
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