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The Gini Coefficient Explained in One Minute

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  1. the genie coefficient is an indicator used by economists and policy makers to determine if a country has an income inequality problem it got its name after
  2. Italian statistician corado geni and basically quantifies income inequality within a country the Gen coefficient is a number between 0 and one with zero
  3. representing perfect equality so if literally everyone were to have the exact same income and one representing perfect inequality so if one person
  4. earns a gazillion dollars and everyone else nothing at all we calculate it by step one Gathering income data from every person and sorting it from lowest
  5. to highest step two creating a graph where we have a the cumulative percentage of people on the x-axis and remember that it's from poorest to
  6. richest B the cumulative percentage of the total income on the Y AIS see the actual income data which will form a curve line called The lence Curve named
  7. after us Economist Max Lawrence each point represents the percentage of total income earned by x% of the population again ordered by income step three
  8. identifying three important elements a the line of perfect equality basically a 45 degree diagonal since 1% of the population will earn 1% of the income 2%
  9. of the population will earn 2% and so on because everyone has the same income B the line of perfect inequality basically an L since everyone earns zero aside
  10. from the richest person who earns 100% see the aforementioned Lawrence curve step four imagining a right triangle with the line of perfect equality as the
  11. hypothenuse the line of perfect inequality as one side and the x-axis as the other step five the Lawrence Curve will divide that triangle in two with
  12. the Gen coefficient representing the ratio between the area of the part between the line of perfect equality and the Laurence curve and the total area
  13. finally please note that the genie coefficient does not measure differences in wealth only income nor can it address underlying causes of inequality such as
  14. access to education or basic necessities

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