SOURCE: "Vilfredo Pareto, 1848-1923," in Ten Great Economists: From Marx to Keynes, Oxford University Press, 1965, pp. 110-42.

In the following essay, which first appeared in the Quarterly Review of Economics in 1949, Schumpeter focuses on P areto 's economic theories.

In a volume devoted to Pareto's life and work, Professor Bousquet relates that the obituary article devoted to Pareto in the socialist daily, Avanti, described him as the ' bourgeois Karl Marx. ' I do not know that a man can rightly be called ' bourgeois' who never missed an opportunity to pour contempt on la bourgeoisie ignorante et lache. But for the rest, the analogy conveys very well the impression that Pareto had made upon his countrymen: they had in fact raised him to an eminence that was unique among the economists and sociologists of his time. No other country erected a similar pedestal for his statue, and...