Wilfredo Pareto, the Italian economist in 1896 proposed the 80-20 rule claiming that 80% of farmlands in Italy were owned by only 20% of his countrymen.
Prof Juran later extended this to many real-life and business applications, for example, 80% of a company's revenues come from 20% of its product line.
If our PM Modi were to take note of this 80-20 rule, he would have changed his action plan. Instead of concentrating on the delegalization of currency notes with all 100% of the population, he would have been more successful and saved his reputation.
Instead he applied himself too thin, became less effective, causing maximum strain to the official machinery, resulting in irreversible damage and loss of reputation to the system. Also the damage and pain inflicted on the society and population would go down as a black mark and failure of the administrative and regulatory machinery like Reserve Bank of India.
Pareto would have turned around in his grave witnessing this blunder when a little foresight in applying his findings would have made a big difference to the Indian monetary and economic scenario !!
Even now it's not too late !!
George..
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