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PARETO The Italian economist Vilfredo Pareto was one of the leaders of the Lausanne School and an illustrious member of the "second generation" of the Neoclassical revolution. Although only mildly influential during his lifetime, his "tastes-and-obstacles" approach to general equilibrium theory were resurrected during the great "Paretian Revival" of the 1930s and have guided much of economics since. Vilfredo Pareto was born in the year of people's revolutions at its epicenter -- Paris, 1848 -- to an Italian aristocratic family. His father, a Ligurian marchese (marquis) and civil engineer, had fled to Paris in 1835 in self-imposed exile, following the example of Mazzini and other Italian nationalists. Vilfredo was the third child (and first son) of his marriage to a Frenchwoman. The Pareto family returned to Piedmont circa 1858. Following his father's footsteps, Vilfredo Pareto studied classics and then engineering at the Polytechnic Institute of Turin. It was here that he acquired...

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