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Pareto, Vilfredo (1848–1923)

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The New Palgrave Dictionary of Economics

Abstract

Pareto made major contributions to a wide range of subjects covering mathematical economics, statistics, sociology and many others. In economics his name is mainly associated with general equilibrium, welfare economics and ordinal utility. Yet he insisted on the need to confront economic theories with empirical data as his work on income distribution shows. Furthermore, he was far from convinced of the rationality of individual economic behavior. Yet these aspects of his work have been put one side and he is now regarded essentially as the forerunner of the axiomatic school which reached its zenith in the Arrow–Debreu model. This is paradoxical for the latter has been shown to provide no empirically falsifiable propositions.

This chapter was originally published in The New Palgrave Dictionary of Economics, 2nd edition, 2008. Edited by Steven N. Durlauf and Lawrence E. Blume

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    Alan Kirman

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    Kirman, A. (2008). Pareto, Vilfredo (1848–1923). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95121-5_1679-2

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    • DOI: https://doi.org/10.1057/978-1-349-95121-5_1679-2

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    1. Latest

      Pareto, Vilfredo (1848–1923)
      Published:
      10 March 2017

      DOI: https://doi.org/10.1057/978-1-349-95121-5_1679-2

    2. Original

      Pareto, Vilfredo (1848–1923)
      Published:
      28 October 2016

      DOI: https://doi.org/10.1057/978-1-349-95121-5_1679-1

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