List and briefly explain three (3) possible measures of the equality or inequality of the distribution...

Question

Question

List and briefly explain three (3) possible measures of the equality or inequality of the distribution of income

Answer 1

Answer #1

3 possible measures of equality/inequality of income distributions are:

Atkinson index of equality: it is given by the ratio of Geometric mean divided by arithmetic mean. When AM and GM is equal then perfect equality is attained.
Lorenze curve: provides the graphical description of income distribution among different percentile of population. A 45 degree line reflects an egalitarian distribution of goods and resources in the society.
Gini coefficient: reflects the level of inequality prevailing in the society. A score of 0 indicates perfect equality and 1 perfect inequality.

Answer 2

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