I have a Master in Economics, so I can fill you in: as we learned in university in the course of marketing "Just 20 percent of efforts bring 80 percent of result to a company". As far as I know, Pareto was an economist and sociologyst, but as you mentioned, he was observing general mechanism of efforts/result terms, but his principle is applied in management, although many people critique difficulties of applying it. For example, we know that a company offers services, but just 20 percent of which bring 80 percent of the revenue, but customers don't agree to use just those services, they would use them just together with the rest 80 percent, so the company is not able to get rid of unprofitable services.
By the way, I'm wondering why this post has such low payout??? It's soooooo well made: all the references, stunning pictures and very good processed content!
Do you mind sharing the pareto principle in economics with us @florae
I have a Master in Economics, so I can fill you in: as we learned in university in the course of marketing "Just 20 percent of efforts bring 80 percent of result to a company". As far as I know, Pareto was an economist and sociologyst, but as you mentioned, he was observing general mechanism of efforts/result terms, but his principle is applied in management, although many people critique difficulties of applying it. For example, we know that a company offers services, but just 20 percent of which bring 80 percent of the revenue, but customers don't agree to use just those services, they would use them just together with the rest 80 percent, so the company is not able to get rid of unprofitable services.
By the way, I'm wondering why this post has such low payout??? It's soooooo well made: all the references, stunning pictures and very good processed content!
TRY TO APPLY FOR SUPPORT MINNOWS here https://steemit.com/support/@yoo1900/support-minnows-date-4-6-2018-promote-content-on-steemit#@liverussian/re-yoo1900-support-minnows-date-4-6-2018-promote-content-on-steemit-20180604t100908051z
it's endless list of good posts though...
But I wish you to get proper rewards!
Wow thanks for the pointer to @yoo1900. I would check it out.
By the way, iv been schooled in economics by a guru in the field. thanks for the kind gesture. I appreciate.
@antigenx