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Vilfredo Pareto and Public Choice: A Reappraisal

In: From Walras to Pareto

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  • Helge Peukert

    (University of Erfurt)

Abstract

In this short recapitulation of Pareto’s theory of residues we wanted to present their basic elements and give examples in how far they may help explain non-logical actions which cannot be explained by sophisticated information cost arguments. It may be repeated that Pareto argues in an evolutionary, Darwinian way. Behind the residues are sentiments and drives which were more or less functional in the development of the human species and which have strong corollaries in animal behavior. From a logical point of view, many of these residues are non-functional today but they help understand many occurrences in the real world which are beyond the capabilities of rational man or rational choice explanations.

Suggested Citation

  • Helge Peukert, 2006. "Vilfredo Pareto and Public Choice: A Reappraisal," The European Heritage in Economics and the Social Sciences, in: Jürgen G. Backhaus & J. A. Hans Maks (ed.), From Walras to Pareto, chapter 7, pages 83-101, Springer.
    • Handle: RePEc:spr:euhchp:978-0-387-33757-9_7
    DOI: 10.1007/978-0-387-33757-9_7
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