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.
Keywords
- Adaptive expectations
- Arrow–Debreu model of general equilibrium
- Barone, E.
- Cardinal and ordinal utility
- Central limit theorems
- Compensation principle
- Competitive equilibrium
- Convexity
- Economic cycles
- Edgeworth box
- Edgeworth, F.Y.
- Equivalent surplus
- Experimental methods in economics
- Falsificationism
- Fixed point theorems
- Free trade
- General equilibrium
- Homo economicus
- Hyperplanes
- Imperfect competition
- Income distribution
- Inequality
- Infant-industry protection
- Integrability
- Marginal utility of money
- Marshall, A.
- Mathematics and economics
- Monopolistic competition
- Multiple equilibria
- New Welfare Economics
- Non- tâtonnement process
- Ophelimity
- Ordinal utility
- Pantaleoni, M.
- Pareto efficiency
- Pareto optimality
- Pareto, V.
- Pareto’s law
- Partial equilibrium
- Perfect competition
- Positive economics
- Positivism
- Preferences
- Rationing
- Social optimum
- Social welfare function
- Socialism
- Surplus
- Tâtonnement
- Transitivity
- Utility
- Utility measurement
- Walras, L.
- Walras’s Law
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Kirman, A. (2018). Pareto, Vilfredo (1848–1923). In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1679
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