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Pareto, Vilfredo, 1848-1923 (B3)<br />French-born Italian sociologist and economist who made a leading contribution to WELFARE ECONOMICS by setting OUt the conditions for a welfare optimum, always known now as the 'Pareto optimum'. In his Cours d'Economie Politique (1896) he attempted a synthesis of economics, sociology and Ma rxist thought: economic UTILITY was examined in a psychological and sociological context and Marxian class analysis was extended to a study of the nature of conflict between interest groups. Realizing the consequences for society of political democracy, he was reluctant to retain a socialist approach to conflict in his work Les Systemes Socialistes of 1902. Like WALRAS, he was a member of the LAUSANNE SCHOOL.<br /><em>Reference</em><br />Borkenau, F. (1936) Pareto, New York: Wiley.<br /> Bucolo, P. (ed.) (1979) The Economics of Vilfredo Pareto, London and Totowa, NJ: Cass.
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imputed income (D3, H2)<br />The benefit received from a serv1ce not measured by a monetary transaction. Some forms of this income are estimated to obtain a fuller measure of the GRoss NATIONAL PRODUCT. In the USA, national income accounting imputes an income to food grown and consumed by farmers. Also, to raise more revenue from an income tax the imputed income from owner-occupied houses can be added to income actually received by taxpayers.
<strong>Ability to benefit</strong> – Basis on which a student without a high school diploma or GED may qualify for federal student aid. To demonstrate the ability to benefit from a program of study, a student must take a test that is approved by the U.S. Department of Education.
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<strong>GED</strong> – General Educational Development certificate, an equivalent of a high school diploma. (See also “Ability to benefit.” )
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