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Palma Ratio
Income inequality metrics or income distribution metrics are used by social scientists to measure the distribution of income and economic inequality among the participants in a particular economy, such as that of a specific country or of the world in general. While different theories may try to explain how income inequality comes about, income inequality metrics simply provide a system of measurement used to determine the dispersion of incomes. The concept of inequality is distinct from poverty and fairness. 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. It is often related to wealth distribution, although separate factors influence wealth inequality. Modern economists have also addressed this issue, but ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income
Income is the consumption and saving opportunity gained by an entity within a specified timeframe, which is generally expressed in monetary terms. Income is difficult to define conceptually and the definition may be different across fields. For example, a person's income in an economic sense may be different from their income as defined by law. An extremely important definition of income is Haig–Simons income, which defines income as ''Consumption + Change in net worth'' and is widely used in economics. For households and individuals in the United States, income is defined by tax law as a sum that includes any wage, salary, profit, interest payment, rent, or other form of earnings received in a calendar year.Case, K. & Fair, R. (2007). ''Principles of Economics''. Upper Saddle River, NJ: Pearson Education. p. 54. Discretionary income is often defined as gross income minus taxes and other deductions (e.g., mandatory pension contributions), and is widely used as a basis to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World Bank
The World Bank is an international financial institution that provides loans and grants to the governments of low- and middle-income countries for the purpose of pursuing capital projects. The World Bank is the collective name for the International Bank for Reconstruction and Development (IBRD) and International Development Association (IDA), two of five international organizations owned by the World Bank Group. It was established along with the International Monetary Fund at the 1944 Bretton Woods Conference. After a slow start, its first loan was to France in 1947. In the 1970s, it focused on loans to developing world countries, shifting away from that mission in the 1980s. For the last 30 years, it has included NGOs and environmental groups in its loan portfolio. Its loan strategy is influenced by the Sustainable Development Goals as well as environmental and social safeguards. , the World Bank is run by a president and 25 executive directors, as well as 29 various v ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lorenz Curve
In economics, the Lorenz curve is a graphical representation of the distribution of income or of wealth. It was developed by Max O. Lorenz in 1905 for representing inequality of the wealth distribution. 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 income they have. The percentage of households is plotted on the ''x''-axis, the percentage of income on the ''y''-axis. It can also be used to show distribution of assets. In such use, many economists consider it to be a measure of social inequality. The concept is useful in describing inequality among the size of individuals in ecology and in studies of biodiversity, where the cumulative proportion of species is plotted against the cumulative proporti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Population
Population typically refers to the number of people in a single area, whether it be a city or town, region, country, continent, or the world. Governments typically quantify the size of the resident population within their jurisdiction using a census, a process of collecting, analysing, compiling, and publishing data regarding a population. Perspectives of various disciplines Social sciences In sociology and population geography, population refers to a group of human beings with some predefined criterion in common, such as location, Race (human categorization), race, ethnicity, nationality, or religion. Demography is a social science which entails the statistical study of populations. Ecology In ecology, a population is a group of organisms of the same species who inhabit the same particular geographical area and are capable of Sexual reproduction, interbreeding. The area of a sexual population is the area where interbreeding, inter-breeding is possible between any pai ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
GDP Per Capita PPP Vs Gini Index 2016
Gross domestic product (GDP) is a monetary measure of the market value of all the final goods and services produced and sold (not resold) in a specific time period by countries. Due to its complex and subjective nature this measure is often revised before being considered a reliable indicator. GDP (nominal) per capita does not, however, reflect differences in the cost of living and the inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. The ratio of GDP to the total population of the region is the per capita GDP (also called the Mean Standard of Living). GDP definitions are maintained by a number of national and international economic organizations. The Orga ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Income Quintiles
Household income is an economic standard that can be applied to one household, or aggregated across a large group such as a county, city, or the whole country. It is commonly used by the United States government and private institutions to describe a household's economic status or to track economic trends in the US. A key measure of household income is the median income, at which half of households have income above that level and half below. The U.S. Census Bureau reports two median household income estimates based on data from two surveys: the Current Population Survey (CPS) and the American Community Survey (ACS). The CPS is the recommended source for national-level estimates, whereas the ACS gives estimates for many geographic levels. According to the CPS, the median household income was $63,179 in 2018. According to the ACS, the U.S. median household income in 2018 was $61,937. Estimates for previous years are given in terms of real income, which have been adjusted ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Hoover Index
The Hoover index, also known as the Robin Hood index or the Schutz index, is a measure of income inequality. It is equal to the percentage of the total population's income that would have to be redistributed to make all the incomes equal. i.e. The Hoover is the total amount (as a percentage of the national-income) by which people have less than their equal income-share. The Hoover Index can be calculated by the following subtraction: The percentage of the people getting less than their equal-share (i.e. less than the national mean income), minus their percentage of the national income. It can be graphically represented as the longest vertical distance between the Lorenz curve (which graphs cumulative income vs cumulative population (income-ordered population-percentile)and the 45 degree line representing perfect equality). It would be informative to express the Hoover in terms of its average cost to individuals who get less than their equal-share: If the Hoover is divided by t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Theil Index
The Theil index is a statistic primarily used to measure economic inequality and other economic phenomena, though it has also been used to measure racial segregation. The Theil index ''T''T is the same as redundancy in information theory which is the maximum possible entropy of the data minus the observed entropy. It is a special case of the generalized entropy index. It can be viewed as a measure of redundancy, lack of diversity, isolation, segregation, inequality, non-randomness, and compressibility. It was proposed by a Dutch econometrician Henri Theil (1924-2000) at the Erasmus University Rotterdam. Henri Theil himself said (1967): "The (Theil) index can be interpreted as the expected information content of the indirect message which transforms the population shares as prior probabilities into the income shares as posterior probabilities." Amartya Sen noted, "But the fact remains that the Theil index is an arbitrary formula, and the average of the logarithms of the reciproca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scalar (mathematics)
A scalar is an element of a field which is used to define a ''vector space''. In linear algebra, real numbers or generally elements of a field are called scalars and relate to vectors in an associated vector space through the operation of scalar multiplication (defined in the vector space), in which a vector can be multiplied by a scalar in the defined way to produce another vector. Generally speaking, a vector space may be defined by using any field instead of real numbers (such as complex numbers). Then scalars of that vector space will be elements of the associated field (such as complex numbers). A scalar product operation – not to be confused with scalar multiplication – may be defined on a vector space, allowing two vectors to be multiplied in the defined way to produce a scalar. A vector space equipped with a scalar product is called an inner product space. A quantity described by multiple scalars, such as having both direction and magnitude, is called a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pigou–Dalton Principle
The Pigou–Dalton principle (PDP) is a principle in welfare economics, particularly in cardinal welfarism. Named after Arthur Cecil Pigou and Hugh Dalton, it is a condition on social welfare functions. It says that, all other things being equal, a social welfare function should prefer allocations that are more equitable. In other words, a transfer of some defined variable (for example utility or income) from the rich to the poor is desirable, as long as it does not bring the rich to a poorer situation than the poor. Formally, let u=(u_1,u_2,\dots,u_n) and u'=(u'_1,u'_2,\dots,u'_n) be two utility profiles. Suppose that at the first profile: :u_1 [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Union (set Theory)
In set theory, the union (denoted by ∪) of a collection of sets is the set of all elements in the collection. It is one of the fundamental operations through which sets can be combined and related to each other. A refers to a union of zero (0) sets and it is by definition equal to the empty set. For explanation of the symbols used in this article, refer to the table of mathematical symbols. Union of two sets The union of two sets ''A'' and ''B'' is the set of elements which are in ''A'', in ''B'', or in both ''A'' and ''B''. In set-builder notation, :A \cup B = \. For example, if ''A'' = and ''B'' = then ''A'' ∪ ''B'' = . A more elaborate example (involving two infinite sets) is: : ''A'' = : ''B'' = : A \cup B = \ As another example, the number 9 is ''not'' contained in the union of the set of prime numbers and the set of even numbers , because 9 is neither prime nor even. Sets cannot have duplicate elements, so the union of the sets and is . Multiple ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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