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In economics, income distribution covers how a country's total GDP is distributed amongst its population. [1] Economic theory and economic policy have long seen income and its distribution as a central concern. Unequal distribution of income causes economic inequality which is a concern in almost all countries around the world. [2] [3]
Income distribution has always been a central concern of economic theory and economic policy. Classical economists such as Adam Smith, Thomas Malthus and David Ricardo were mainly concerned with factor income distribution, that is, the distribution of income between the main factors of production, land, labour and capital.
[27]: 2 CBO found income distribution over a multi-year period "modestly" more equal than annual income, [27]: 4 confirming earlier studies. [263] According to Noah, adjusting for demographic factors such as increasing age and smaller households, indicates that income inequality is less extreme but growing faster than without the adjustment.
The curve is a graph showing the proportion of overall income or wealth assumed by the bottom x% of the people, although this is not rigorously true for a finite population (see below). It is often used to represent income distribution, where it shows for the bottom x% of households, what percentage (y%) of the total
This is a list of countries and territories by income inequality metrics, as calculated by the World Bank, UNU-WIDER, OCDE, and World Inequality Database, based on different indicators, like Gini coefficient and specific income ratios.
These social changes have caused substantial changes in household income distribution. The income Gini coefficient, claims Kwok, does not discern these structural changes in its society. [80] Household money income distribution for the United States, summarized in Table C of this section, confirms that this issue is not limited to just Hong Kong.
Data source: Federal Reserve. Calculations by author. You'll also notice a metric called "net worth multiple" at the bottom of the table. That's how much the median household is worth relative to ...
The Gini Index is a common measure of income inequality. For a country (city, state, etc.), their Gini Index can range from 0 to 1. Perfect equality would equal 0 and perfect inequality would equal 1. It is calculated based on the difference between the Lorenz curve and the value of perfect income equality distribution. [9]
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