[dropcap style=”boxed”]T[/dropcap]he distribution of Income in an economy is represented by a Lorenz Curve and the degree of income inequality is measured through the Gini Coefficient. The more bowed out a Lorenz Curve; the higher is the inequality of income in the country. Rank, Country, DISTRIBUTION OF FAMILY INCOME - GINI INDEX, Date of Information. 1, Lesotho, , 2, South Africa, , est. 3, Micronesia. The Gini coefficient measures the extent to which the distribution of income (or, in some cases, consumption.
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The Gini coefficient was proposed by Gini as a measure of inequality of income or wealth.
The same value may result from many different distribution curves. Since these measures were introduced, they have been applied to topics other than income and wealth, but mostly within Economics Cowell,; Jenkins, ; Sen, G is a measure of inequality, defined as the mean of absolute differences between all pairs of individuals for some measure.
The minimum value is 0 when all measurements are equal and the theoretical maximum is 1 for an infinitely large set of observations where all measurements but one has a value of 0, which is the ultimate inequality Stuart and Ord, The gini coefficient G is based on the Lorenz curve of income distribution, it can be interpreted as the expected income gap between two individuals randomly the gini coefficient from the population Sen, Please check our site mapsearch feature, or our site navigation on the left to locate the information you seek.
We do not routinely respond to questions for which answers are found within this Web site. The Gini coefficient is equal to the area below the line of perfect equality 0.
In other words, it is double the area between the Lorenz curve and the line of perfect equality. In the graph below, the 47th percentile corresponds to the gini coefficient The straight line represents a hypothetically equal society: Subtracting the gini coefficient figure from 0.
Income Gini coefficient | Human Development Reports
It samples people at random points of their lives, which means that the gini coefficient can't separate those whose financial futures are reasonably secure from those who do not have prospects. Its results are also sensitive to outliers—a few very wealthy or very poor individuals can change the statistic significantly, even in a large sample.
Cowell says that the Gini coefficient should not be used as the sole measure the gini coefficient economic inequality. He suggests two ways to handle the number: The other is to consider whether it might be useful to use a model of the upper tail of the the gini coefficient, so you get a clearer picture.
To mitigate this problem, Cowell studies better ways to model income and wealth distribution in the most well-off.
The World Factbook — Central Intelligence Agency
One option is to "patch in" an assumed distribution specifically a Pareto distribution for the top 5 or 10 percent of the population.
In effect, this means assuming that the distribution of wealth takes a certain form, and using that model, rather than sparse data, to calculate the Gini coefficient.
The study of the gini coefficient and wealth inequality are the gini coefficient course fertile ground for many questions and controversies.
What "should" the inequality in a society be? The gini coefficient says that the concentration of wealth in the upper echelon of the population can be reminiscent of a monopoly in business. What are the effects of high inequality, and is the gini coefficient possible to separate the effects of poverty from the effects of inequality?
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