Question

What metrics can be used to measure income within countries?

What metrics can be used to measure income within countries?

Homework Answers

Answer #1

Some of the most common metrics of the measure of income within the country are -

Gini Coefficient - Its the most common one to measure the income inequality in the country. Its a ratio of two areas from the Lorenz curve.

The coefficient of Variation - As per this the dispersion from the mean income of the country is measured.

20:20 ratio - In this, the top 20% of people and bottom 20% of the people of a nation are compared.

There are other metrics such as the use of centile, thousandths suggested by Thomas Piketty.

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