Income Distribution
Income distribution is the way in which income is shared among individuals or households in a given society. It is a measure of economic inequality, and is often used to compare the wealth of different countries. Income distribution can be measured in terms of the Gini coefficient, which is a measure of inequality in which a score of 0 represents perfect equality and a score of 1 represents perfect inequality.
History of Income Distribution
The concept of income distribution has been around since the early 19th century, when economists such as Adam Smith and David Ricardo began to analyze the distribution of wealth in society. Since then, the concept has been studied extensively, with economists such as John Maynard Keynes and Karl Marx making important contributions to the field. In the 20th century, the concept of income distribution was further developed by economists such as John Kenneth Galbraith and Milton Friedman.
Comparison of Income Distribution
| Country | Gini Coefficient |
|---|---|
| United States | 0.41 |
| United Kingdom | 0.34 |
| Germany | 0.30 |
| Japan | 0.32 |
| China | 0.47 |
Summary
Income distribution is a measure of economic inequality, and is used to compare the wealth of different countries. It is measured in terms of the Gini coefficient, which is a measure of inequality in which a score of 0 represents perfect equality and a score of 1 represents perfect inequality. The concept of income distribution has been studied extensively since the early 19th century, and has been further developed by economists such as John Kenneth Galbraith and Milton Friedman. For more information about income distribution, please visit the websites of the World Bank, the International Monetary Fund, and the Organisation for Economic Co-operation and Development.
See Also
- Gini Coefficient
- Wealth Distribution
- Poverty
- Economic Inequality
- Taxation
- Minimum Wage
- Social Security
- Unemployment
- Inflation
- Economic Growth
