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What do you mean by Income Distribution?
In economics, income distribution means the way nation’s total Gross Domestic Product is distributed amongst population. Distribution of income is always been a matter of concern of economics.
About Lorenz curve-
Lorenz curve was developed by Max O. Lorenz in 1905 to show the inequality in income distribution. Distribution of income within a society can be represented by Lorenz curve. Lorenz curve is nothing but a graphical representation of income distribution.
Causes of inequality in Income-
- Labor union policies
- Federal reserve monetary policies
- Fiscal policies
- Tax policies
- Other economic policies
- Market for labor
- Abilities of individual workers
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Measurement of distribution-Using Gini coefficients, numerous organizations measured disparities of income. The Gini index is commonly used by World Bank as well. It is considered as precise and consistent index for measuring income distribution on a country to country level. Gini index goes from 0 to 1 where 1 means perfect inequality and 0 means perfect equality.
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Does measurement is necessary?
Income measurement reduces the inequality. To measure the income before tax, Current Population Survey (CPS) and Statistics of Income (SOI) is used. These measurements are lacking for following reasons-
- Rises in government help to the poor focused in non-money benefits.
- Health insurance and pension benefits are not taken as a part of standard statistics.
- A tax modifies the income distribution.
Inequalities in income considered as bad if it is aroused from government privileges.
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About inequality trends-
Inequality increases when a country develops. However many economists disagrees to this theory. There are two ways of understanding the inequality-
- Within the country inequality- it means inequality of income within the nation.
- Between the countries inequality- it means inequality between the countries.
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