Gini coefficient

From International Political Economy
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The Gini coefficient is a measure of income distribution in a country. The Gini coefficient was developed by Italian statistician Corrado Gini in 1912. The Gini coefficient is a number between 0 and 1. 0 expresses total equality, meaning if a country has an income of $100 and 10 people all of them earn $10. 1 expresses total inequality, when all the wealth of the country is in the hands of one person. In practice, the Gini coefficient is between 0.25 and 0.75 for all countries. Based on the Gini, in 2008, Namibia (0.74) was the least equal and Sweden (0.23) the most equal country in the world.