ABSTRACT
Vilfredo Pareto (pronounced pa-RAY-tow) is remembered by economists primarily as one of the fathers of mathematical economics. Yet, late in life, Pareto rejected the trend to formalize economics. 107He came to believe that this approach was too narrow and could not yield a comprehensive understanding of how real economies worked. He then tried to broaden economics by incorporating political and sociological variables into his analysis of the economic system.
