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TRACKLER from PowerLaw Analytics

Power laws have been specified and explored for more than 100 years and are evident in virtually all parts of the economy and human endeavors. It all began with the discovery by Italian sociologist and economist Vilfredo de Pareto (1848-1925) whose studies found that in general 80% a nation’s wealth was held by 20% of the population. This 80/20 split roughly applies to a diverse set of circumstances, e.g., 20% of posts to websites approximately generate 80% of the traffic. Similarly, 20% of a company’s products might generate 80% of sales and/or profits even though in some industry sectors such as music, 97% of profits might be generated by 3% of artists and the percentages need not necessarily always add to 100%.1 A popular application of this was the discovery (by George K. Zipf, (1902-1950) that word frequencies in languages are inversely proportional to rank in frequency tables. For example, in English the word “the” occurs most frequently and by itself accounts for nearly 7% and “of” for around 3.5% of all word occurrences.

TRACKLER from PowerLaw Analytics

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