Gini coefficient JUST WRITTEN FOR YOU
/dʒiːnaɪ kəfɪʃiənt/ · Gin·i·co·ef·fi·ci·ent
noun
- A statistical measure of income inequality, ranging from 0 (perfect equality) to 1 (perfect inequality). The Gini coefficient for the country was 0.45, indicating a significant level of income inequality.
- A mathematical concept used to describe the distribution of wealth or income within a population. The economist used the Gini coefficient to analyze the effects of taxation on income distribution.
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Did you know? The Gini coefficient has been used to compare income inequality across different countries and over time, providing valuable insights into the effects of economic policies on social welfare.
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