To get a measure of how equitable or inequitable our world is, economists turn to the work of an Italian economist named Corrado Gini who in 1912 published his formula for calculating what has become known as the Gini coefficient, which measures the difference between a society’s division of income and a perfectly equal division of income. It’s really quite elegant. If 100 percent of a given population were to earn $1 per day, that would be absolute equality. If 100 percent earned $1 million per year, that too would be absolute equality. But when only 1 percent earn $1 million while everyone
...more
Gini quotient
