February 9, 2010
The Pareto Principle is also known as the 80/20 rule, which states generally that in most events, 80% of the effects come from 20% of the causes.
The principle was named after the Italian Economist Vilfredo Pareto. In 1906 he found that 80% of the land was held by 20% of the population, and that [...]
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February 8, 2010
The principle of scarcity is simple. We tend to only value things that are rare. Gold, diamonds, vacations, winning the lottery, you get the idea.
We tend to see far less value in things that are more common, or are readily available, but that may actually be substantially more valuable, especially in accumulation.
Perhaps not when held [...]
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