Gini index

Definition

Standard economic measure of income inequality, based on Lorenz Curve. A society that scores 0.0 on the Gini scale has perfect equality in income distribution. Higher the number over 0 higher the inequality, and the score of 1.0 (or 100) indicates total inequality where only one person corners all the income. It is used also as a measure of other distributional inequalities such as market share. Named after its inventor, the Italian statistician Corrado Gini (1884-1965). Also called Gini coefficient or index of concentration.

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