| json_metadata | "{"app":"musing/1.1","appTags":["blockchain"],"appCategory":"blockchain","appTitle":"What is Pareto principle in the context of EOS voting system?","appBody":"<p>The Pareto principle (also known as the 80/20 rule, the law of the vital few, or the principle of factor sparsity)[1][2] states that, for many events, roughly 80% of the effects come from 20% of the causes.[3] Management consultant Joseph M. Juran suggested the principle and named it after Italian economist Vilfredo Pareto, who noted the 80/20 connection while at the University of Lausanne in 1896, as published in his first work, Cours d'économie politique. Essentially, Pareto showed that approximately 80% of the land in Italy was owned by 20% of the population.</p><p>It is an axiom of business management that \"80% of sales come from 20% of clients\".[4]</p><p>Mathematically, the 80/20 rule is roughly followed by a power law distribution (also known as a Pareto distribution) for a particular set of parameters, and many natural phenomena have been shown empirically to exhibit such a distribution.[5]</p><p>The Pareto principle is only tangentially related to Pareto efficiency. Pareto developed both concepts in the context of the distribution of income and wealth among the population.</p>","appDepth":2,"appParentPermlink":"fkap9msjf","appParentAuthor":"littymumma","musingAppId":"aU2p3C3a8N","musingAppVersion":"1.1","musingPostType":"answer"}" |
|---|
hiveblocks