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Inequality and InstabilityA Study of the World Economy Just Before the Great Crisis$
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James K. Galbraith

Print publication date: 2012

Print ISBN-13: 9780199855650

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199855650.001.0001

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Estimating the Inequality of Household Incomes

Estimating the Inequality of Household Incomes

Chapter:
(p.81) Chapter 4 Estimating the Inequality of Household Incomes
Source:
Inequality and Instability
Author(s):

James K. Galbraith

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199855650.003.0004

This chapter explores the relationship between measures of inequality based on industrial pay and those based on surveys of income and expenditure. This is important for the economist to construct a simple statistical model with a formula for translating one set of measures into the other. In this way, the economists will arrive at a consistent global dataset of estimated measures of income inequality for households, calibrated to the standard and familiar format of the Gini coefficient. The Gini coefficient is a measure of equality: a measure of zero reflects absolute equality while a measure of one means everything is concentrated in a single individual. Further studies would allow possible assessment of existing global inequality measures, their dispersion across countries, and their movement through time.

Keywords:   measures of inequality, Gini coefficient, measure of equality, global inequality measures

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