241 The Pareto Principle

Have you heard of the Pareto Principle, also known as the 80/20 rule? It's a concept that's been around for a while, but it's still pretty cool! It's been used in economics, but it's also been applied to business, health, software development, and time management. The principle is named after the Italian economist Vilfredo Pareto, who made an interesting observation in 1896. He noticed that about 80% of the land in Italy was owned by 20% of the population. Over time, this observation was generalized to suggest that in many situations, roughly 80% of effects come from 20% of causes. Isn't that interesting?