Pareto's work primarily impacted which economic field?
Microeconomics
Macroeconomics
Developmental economics
Behavioral economics
Answer
Microeconomics is the economic field primarily influenced by Pareto's work. His contributions, including the Pareto efficiency concept and the Pareto distribution, have significantly shaped microeconomic theory. Pareto efficiency refers to a state where it's impossible to improve the well-being of one individual without harming another, while the Pareto distribution describes the unequal distribution of income and wealth in society.
Mastering Pareto: Exploring the Legacy of Vilfredo Pareto in Sociology and Economics
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