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Thus, a Gini coefficient that increases over time indicates rising income inequality." "The Gini coefficient can also be interpreted as a measure of one-half of the average difference in income between every pair of households in the population, divided by the average income of the total population.
Map of Gini coefficients by US state, 2019. The Gini coefficient is a measure of inequality of incomes (or sometimes wealth) across individuals. A score of "0" on the Gini coefficient represents complete equality, i.e. every person has the same income.
The Italian statistician Corrado Gini developed the Gini coefficient and published it in his 1912 paper Variabilità e mutabilità (English: variability and mutability). [16] [17] Building on the work of American economist Max Lorenz, Gini proposed using the difference between the hypothetical straight line depicting perfect equality and the actual line depicting people's incomes as a measure ...
The Gini coefficient is a number between 0 and 1 or 100, where 0 represents perfect equality (everyone has the same income). Meanwhile, an index of 1 or 100 implies perfect inequality (one person has all the income, and everyone else has no income).
The Gini Coefficient, a statistical measurement of the inequality present in a nation's income distribution developed by Italian statistician and sociologist Corrado Gini, for the United States has increased over the last few decades. The closer the Gini Coefficient is to one, the closer its income distribution is to absolute inequality.
Gini coefficient US William Lazonick, an economics professor at UMass Lowell, describes the results of that transformation in his 2012 paper , "The Financialization of the US Corporation: What Has ...
This reflects that the increase in the Gini coefficient of the US in this time period is due to gains by upper income earners (relative to the median), rather than by losses by lower income earners (relative to the median). Income of the given percentiles from 1947 to 2010 in 2010 dollars.
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.