Search results
Results from the WOW.Com Content Network
In economics, the Gini coefficient (/ ˈ dʒ iː n i / JEE-nee), also known as the Gini index or Gini ratio, is a measure of statistical dispersion intended to represent the income inequality, the wealth inequality, or the consumption inequality [2] within a nation or a social group.
The CBO explains the Gini as "A standard composite measure of income inequality is the Gini coefficient, which summarizes an entire distribution in a single number that ranges from zero to one. A value of zero indicates complete equality (for example, if each household received the same amount of income), and a value of one indicates complete ...
The Gini coefficient is a number between 0 and 1 or 100, where 0 represents perfect equality (everyone has the same income), while an index of 1 or 100 implies perfect inequality (one person has all the income and everyone else has no income).
The range of the Gini index is between 0 and 1 (0% and 100%), where 0 indicates perfect equality and 1 (100%) indicates maximum inequality. 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 ...
Income inequality metrics are used for measuring income inequality, [3] the Gini coefficient being a widely used one. Another type of measurement is the Inequality-adjusted Human Development Index, which is a statistic composite index that takes inequality into account. [4]
The Gini index is also widely used within the World Bank. [11] It is an accurate and reliable index for measuring income distribution on a country by country level. The Gini index measurements go from 0 to 1 for 1 being perfect inequality and 0 being perfect equality. The world Gini index is measured at 0.52 as of 2016. [12] 2018 World gini Index
Free add-on to STATA to compute inequality and poverty measures; Free Online Software (Calculator) computes the Gini Coefficient, plots the Lorenz curve, and computes many other measures of concentration for any dataset; Free Calculator: Online and downloadable scripts (Python and Lua) for Atkinson, Gini, and Hoover inequalities
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]