Notes on ‘The 80/20 Rule’ reading.
Mathematicsy
Physicsy
Bit confusing, felt like I needed more background info / prior knowledge to understand some parts
But interesting regarding the bits I understood
I like science tho
Generally about networks and shapes of networks
Fun fact that the reading offers: the 80/20 rule first came about because Pareto noticed that 80% of his peas were produced by just 20% of the peapods. Bam. And then I suppose he decided to make that a theory. As you do.
Notes
- Pareto’s Law = 80/20 rule = Murphy’s Law of management
- Murphy’s Law of management applies Pareto’s original theory to the world of business economics: 80% of profits are produced by only 20% of the employees, 80% of customer service problems are created by only 20% of consumers, 80% of decisions are made during 20% of meeting time.
- Income distribution follows a power law, implying that most money is earned by a few very wealthy individuals, while the majority of the population earn rather small amounts. Roughly 80% of money is earned by only 20% of the population.
- In ordinary systems, all quantities follow bell curves, and correlations decay quickly, obeying exponential laws. HOWEVER, when the system is forced to undergo a phase transition, power laws (characterised by ‘critical exponents’) emerge. This transition from disorder to order occurs near the ‘critical point’.
- The distribution of links on various Webpages follows this power law thingy.
- Liquid is cray cray (in comparison with solids and gases).
- MAGNETS
- WATER DANCE
- MOLECULES
- Wilson’s theory in regards to renormalisation and scale invariance – something about observing atoms as a whole (acting in unison), rather than each atom individually.
- 80% of crime is committed by only 20% of criminals :OOOO