A friendship sparked between the two men, and Pantaleoni introduced Pareto to economic theory. His activities brought him to the attention of Maffeo Pantaleoni, then Italy’s leading neoclassical economist. His lectures often were closed down and his applications for teaching positions rejected.
For attacking previously accepted principles of wealth and economics, authorities targeted Pareto as a troublemaker. Instead, he quit his job, married a penniless Russian woman from Venice, Alessandrina (Dina) Bakunin (from whom he was estranged in 1901), and moved to a villa in Fiesole.įrom his retreat, he began writing numerous controversial articles against the government and accepted economic doctrine, and gave public lectures at a workingman’s institute. He inherited the marquis title, but he never felt comfortable using it because of his political and societal beliefs. In 1889, after the death of his parents, Pareto changed his lifestyle. Pareto was the third child (and first son) of his father’s marriage to a French national. Pareto’s family had fled to Paris in 1835 in self-imposed exile, following the example of other Italian nationalists. His father was a Ligurian marquis (a nobleman ranking above an earl and below a duke) and educated as a civil engineer. Pareto was born in the year of people’s revolutions at its epicenter-Paris, 1848-to an Italian aristocratic family. This period has been named the “Paretian Revival,” in his honor, and has guided much of the economic world since. Although only mildly influential during his lifetime, his approach to general equilibrium theory, documented initially in his “Manual of Political Economy” (1906), was resurrected during the 1930s. This revolution was to play a significant role in transforming the thinking of economists. Pareto also was an illustrious, if not controversial, member of the “second generation” of the neoclassical revolution. Named for the city in which the university was founded in 1537, it was initially known as the Lausanne School, which is still located in Switzerland. Pareto became one of the leaders of the University of Lausanne.
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