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The Many Uses of Pareto’s Principle or the 80/20 Rule

In 1906, Italian economist Vilfredo Pareto created a mathematical formula to describe the unequal distribution of wealth in his country. Pareto observed that 20 percent of the people owned 80 percent of the nation’s wealth. He could not know it, but in time that rule would be found to apply with uncanny accuracy to many situations and be useful in

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