Question

please could you describe  Pareto’s ideas within Conservative perspective?

Answer 1

Pareto ideas about economic thought is related to the distribution of income and wealth in all over the world and in different countries according to the situations and the conditions of productive activities and the level of investments and the way of Savings and consumption patterns in the country.
Pareto focused on the income inequality among the people where people are not equal in the sense of wealth and the capital distribution so in this way the inequality create a difficult situation in the economy where people are not able to decide what to produce how to produce and for whom to produce because these are the basic problem which are existing in every economy part the correct solution of these problems are not at all settled and not justified if there is the existence of inequality among the people
So in Pareto point of view the inequality is a major obstacle in the growth of the economy the most important of the government is to first reduce this inequality from the economy.
According to Pareto the income distribution is based on the productive efficiency of the labour in the economy highly efficient and highly productive labour will get a good wage rate and growth opportunity in the economy in comparison to the inefficient labour.
Pareto had argued in the economic sense that democracy is an illusion because there is the existence of inequality of income and wealth in almost every nation of the world.