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How to measure inequality as 'experienced difference'

4 years ago
Anonymous $6AJGTL-6_8

https://www.sciencedaily.com/releases/2019/11/191126213916.htm

In a perfectly egalitarian society, where all individuals are equally wealthy, the Gini co-efficient should be 0. Conversely, a society where a single individual holds all of the wealth should have a Gini coefficient equal to 1. Using the Gini coefficient, countries can be ranked from least to most unequal.

But individuals' wealth or income isn't the whole picture when it comes to inequality. According to Bowles and Carlin, the standard algorithm for calculating Gini coefficients produces odd results for example when a single individual owns all of the wealth the Gini coefficient is less than 1 which is the value it should attain under maximum inequality. Correcting that error, they show, requires a network-based fix that accounts for the relationships between individuals in the society.

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