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Beige book – is the paper (compilation) issued by the US Federal Reserve System reporting about activity on all major branches of economy by each from twelve Federal reserve banks. The review describes labor and real estate market, agriculture and manufacturing, services sector, bank system and financial institutions, data on energy and natural resources. Official name of Beige book is the Summary of Commentary on Current Economic Conditions.
According to official sources, the Pareto Principle was named after the economist and sociologist Vilfredo Pareto, who was born in Paris in 1848, but was Italian by nationality. From 1906, he began to notice certain economic patterns. For example, he noted that 80% of the land in Italy belonged to 20% of the population. Then, he formulated the principle, noting that 20% of the pods in his garden contained 80% of the peas. These and other regularities led to the fact that Vilfredo Pareto developed the “80/20 Rule”, which in general form looked as follows: 80% of the effects come from 20% of the causes.
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