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He then applied the simple mean difference of observed variables to income and wealth inequality in his work On the measurement of concentration and variability of characters in 1914. Here, he presented the concentration ratio, which further developed into today's Gini coefficient. Secondly, Gini observed that improving methods introduced by ...
Income ratios include the pre-tax national income share held by the top 10% of the population and the ratio of the upper bound value of the ninth decile (i.e., the 10% of people with the highest income) to that of the upper bound value of the first decile (the ratio of the average income of the richest 10% to the poorest 10%).
The Wealth Gini coefficients from 2008 are based on a working paper published by the National Bureau of Economic Research. [5] The Wealth Gini numbers for 2018, 2019, and 2021 come from the Global Wealth Databook by Credit Suisse. [6] [7] [8] * indicates "Wealth inequality in COUNTRY or TERRITORY" or "Income inequality in COUNTRY or TERRITORY ...
The Gini index is the most frequently used inequality index. The reason for its popularity is that it is easy to understand how to compute the Gini index as a ratio of two areas in Lorenz curve diagrams. This measure tries to capture the overall dispersion of income; however, it tends to place different levels of importance on the bottom ...
A score of 1 would represent the case in which one person would have all the income and others would have none. Therefore, a lower Gini score is roughly associated with a more equal distribution of income and vice versa. In 2018 U.S. income inequality as measured by the Gini index was close to the highest recorded values ever. [15] [16]
For example, the Gini coefficient for wealth inequality increased from 0.80 in 1983 to 0.84 in 1989. In the same year, 1989, the Gini coefficient for income was only 0.52. [56] The Gini coefficient is an economic tool on a scale from 0 to 1 that measures the level of inequality. 1 signifies perfect inequality and 0 represents perfect equality.
Corrado Gini (23 May 1884 – 13 March 1965) was an Italian statistician, demographer and sociologist who developed the Gini coefficient, a measure of the income inequality in a society. Gini was a proponent of organicism and applied it to nations. [ 1 ]
A report from the National Library of Medicine, of the National Institute of Health, described a statistical study that compared how the Robin Hood and the Gini are correlated with mortality: Results: The Robin Hood index was positively correlated with total mortality adjusted for age (r = 0.54; P < 0.05).