This activity involves navigating to the World Inequality Database website and using its 'By country' dropdown menu feature. Users are prompted to select a country of personal interest, such as their country of residence, to investigate its specific inequality data.

Activity: Exploring Country-Specific Data on the World Inequality Database

The World Inequality Database (WID) is a website that provides comprehensive data on economic inequality. It enables users to research and analyze this data by filtering for specific countries.

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Inequality in Global Context

To cite the ebook, use The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/.

To cite a unit, use The CORE Econ Team 2023 The Economy 2.0: Microeconomics Open access e-text https://core-econ.org/the-economy/ Unit [unit number] (url).

CORE Econ - The Economy 2.0: Microeconomics

- Global levels of class inequality are increasing every year
- As the wealth of rich people increases the world's poor population continues to suffer from: malnutrition, starvation, lack clean water, exposure to sewage, illiteracy, poor housing, unsafe working conditions and shortage of health care providers/supplies

Class Inequality Increase

Assessing economic inequality varies in complexity based on the group size. For two individuals, a direct comparison is straightforward, but evaluating inequality across larger groups or an entire society necessitates statistical measures to summarize income distribution. While many such measures exist, the Gini coefficient and the rich/poor ratio are two of the most widely used.

Measuring Inequality: Individuals vs. Society

The Gini coefficient, named after Italian statistician Corrado Gini, is a statistical measure that quantifies the inequality of a distribution, such as income or wealth, within a population. Its value ranges from 0, indicating perfect equality where everyone has the same income, to 1, representing maximum inequality where a single individual holds all the income. For a large population, the Gini coefficient is calculated as one-half of the average income difference between all pairs of individuals, relative to the population's mean income. It can also be closely approximated using a Lorenz curve.

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