Why is it so difficult to measure inequality? In addition to your explanation, name and describe two methods that attempt to measure inequality.
What will be an ideal response?
Inequality is difficult to measure because there are multiple ways to look at it (income vs. wealth) and measure it. Income comes from labor (a wage) whereas wealth comes from the ownership of financial assets. One may have high income and low wealth, or low income and high wealth. The Gini ratio looks at the deviation of the actual distribution of income or wealth in comparison to perfect equality. In this instance, perfect equality is measured at “0”, and one person owing everything is measured at “1.” The Parma method looks to the relationship between the bottom 40% and top once percent.
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